(a) Within one hundred eighty (180) days after the date that the Bank Commissioner has taken possession, the receiver may, at his or her election, reject:
(1) Any executory contracts to which the closed institution is a party without any further liability to the closed institution or the receiver; and
(2) Any obligation of the institution as a lessee of real or personal property.
(b) The receiver's election to reject a lease shall create no claim for rent other than rent accrued to the date of termination.
Structure Arkansas Code
Title 23 - Public Utilities and Regulated Industries
Subtitle 2 - Financial Institutions And Securities
Chapter 49 - Dissolution and Liquidation
§ 23-49-102. Department taking possession — Procedure
§ 23-49-103. Injunction against commissioner
§ 23-49-104. When possession terminates
§ 23-49-105. Notice of possession
§ 23-49-106. Appointment of receiver — Restrictions on proceedings, liens, or credits
§ 23-49-107. Powers of receiver
§ 23-49-108. Sale of assets — Assumption of deposit liabilities by new institution
§ 23-49-110. Claims filed after 180-day claim period
§ 23-49-111. Payment of claims
§ 23-49-112. Rejection of contracts and leases
§ 23-49-113. Subrogation of federal deposit insurance agency to rights of depositors
§ 23-49-114. Appointment of successor to fiduciary and representative proceedings
§ 23-49-115. Notice concerning safekeeping and safe-deposit boxes
§ 23-49-117. Contents of articles of dissolution
§ 23-49-118. Execution and filing of articles with department — Certificate of dissolution
§ 23-49-119. Voluntary liquidation
§ 23-49-120. Voluntarily placing an institution in possession of commissioner