(a) A state bank may hold and sell all kinds of property that may come into its possession as collateral security for loans or any ordinary collection of debts in the manner provided by law.
(b) Any personal property coming into its possession in this manner and which is not otherwise authorized for state banks to own as an asset shall be disposed of as soon as possible and after twelve (12) months from the date of acquisition shall cease to be considered as a part of its assets.
Structure Arkansas Code
Title 23 - Public Utilities and Regulated Industries
Subtitle 2 - Financial Institutions And Securities
Chapter 47 - Bank Powers — Subsidiaries
§ 23-47-501. Loan limits — Maximum generally
§ 23-47-502. Loan limits — Inclusions and exceptions
§ 23-47-503. Loans involving stock of state bank
§ 23-47-504. Loans to affiliates and insiders
§ 23-47-505. Illegal loans — Liability of officer or director
§ 23-47-506. Sale of certain mortgage loans
§ 23-47-507. Power to hold and sell collateral
§ 23-47-508. Disposition of real estate acquired through debt collection