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Ark. Code Ann. § 23-49-120

Voluntarily placing an institution in possession of commissioner

Acts 1997, No. 89, § 1.

(1) Any institution may place its affairs and assets under the control of the Bank Commissioner by posting a notice on its front door as follows: “This financial institution is in the possession of the Arkansas State Bank Commissioner”.

(2) The posting of the notice or the taking possession of any institution by the commissioner shall be sufficient to place all of the assets and property of whatever nature in the possession of the commissioner and shall operate as a bar to and dissolution of any attachment proceedings.

Current official text: Arkansas General Assembly. Digitized from the UniCourt Code Improvement Commission public-domain capture. Reproduced from public-domain Arkansas statutes; confirm against the official source for the current text. Not legal advice.