(a)
(1) The receiver shall cause notice to be mailed to the last address of record to the owners of any personal property in the possession of or held by a closed institution for safekeeping, and to all lessees of safe-deposit boxes.
(2) The notice shall require the intended recipients to appear and assert their claims to the property within sixty (60) days from the date of the notice.
(b) Subject to approval of the circuit court, the receiver shall make such agreements or arrangements as may be necessary for the disposition of property held by the closed institution for safekeeping and the contents of safe-deposit boxes, and for the termination of any leases or other contracts relating to the property or contents.
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