Arkansas Code Title 23. Public Utilities and Regulated Industries § 23-37-706. FSLIC--Action as receiver or liquidator

(a) The Federal Savings and Loan Insurance Corporation is authorized and empowered to act, without bond, as receiver or liquidator of any building and loan or savings and loan association, hereinafter referred to as an “insured association”, which has the insurance protection provided by Title IV of the National Housing Act and which shall have been taken over for liquidation pursuant to the provisions of the laws of this state.

(c) Whether or not the Federal Savings and Loan Insurance Corporation shall serve as receiver or liquidator of an insured association, whenever it shall pay or make available for payment the liabilities of an insured association in liquidation which are insured by it, it shall be subrogated, upon the surrender and transfer to it of any share, share account, or account insured by it with respect to that share, share account, or account. However, the surrender and transfer of the share account or account shall not affect any right which the transferor thereof may have in any portion of the share, share account, or account which is uninsured or any right to participate in the distribution of the net proceeds remaining from the disposition of the assets of the insured association. The rights of the investors in, and creditors of, the insured association shall be determined in accordance with the applicable provisions of the laws of this state.

(d) Upon the acceptance by the Federal Savings and Loan Insurance Corporation of appointment as a receiver or liquidator, possession of, and title to, all the assets, business, and property of the insured association of every kind and nature shall pass to, and be vested in, the Federal Savings and Loan Insurance Corporation as receiver or liquidator.