(a) 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”.
(b) 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.
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