State Codes and Statutes
Statutes > Arkansas > Title-23 > Subtitle-2 > Chapter-49 > 23-49-10523-49-105. Notice of possession.
(a) Immediately upon taking possession of the business and property of any institution under 23-49-102, the Bank Commissioner shall give notice by:
(1) Causing the notice to be served upon the president or other executive officer actively in charge of the business of the institution;
(2) Posting the notice at the main entrance at each office of the institution;
(3) Filing the notice in the office of the chancery court in the county where the main office of the institution is located;
(4) Causing the notice to be mailed to all correspondent banks of the institution; however, if the commissioner fails to provide such notice, the commissioner shall incur no liability thereon; and
(5) Causing the notice to be published by one (1) insertion in a newspaper published in the City of Little Rock and having a general and substantially statewide circulation.
(b) Upon the filing of the notice under subsection (a) of this section, the clerk shall:
(1) Note the filing of the notice upon the records of the court; and
(2) Enter the cause as an action upon the dockets of the court under the name and style of "In the matter of the liquidation of _____" (inserting the name of the institution).
(c) The court shall not have authority to review the action of the commissioner in taking possession of the institution's business, property, and records; however, the court may hear and determine all issues and matters pertaining to or connected with the liquidation of the institution, including:
(1) The sale of assets or assumption of liabilities of the institution; and
(2) The amount of the compensation and necessary expenses of any special representative, assistant, accountant, agent, or attorney employed by the commissioner, or the receiver appointed by the commissioner, as set forth in this chapter.
(d) All entries, orders, judgments, and decrees of the court in connection with the liquidation proceedings shall be filed and entered of record in the cause of action.
(e) (1) The rights and liabilities of an institution and of its creditors, depositors, shareholders, and all other persons interested in its estate shall, unless otherwise directed by the court, be fixed as of the date of the delivery of the notice of possession to the president or other executive officer actively in charge of the business of the institution.
(2) In the case of mutual debts or mutual credits of equal priority between the institution and another person, the credits and debts shall be set off and the balance only shall be allowed or paid.
(3) The right to setoff shall be determined as of the date of delivery of the notice of possession of the institution to the president or other executive officer actively in charge of the business of the institution.
