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Arkansas Code Title 23. Public Utilities and Regulated Industries § 23-49-101. Definitions

Current as of March 28, 2024 | Updated by Findlaw Staff

As used in this chapter:

(1) “Circuit court” means the court with which the State Bank Department has filed the notice of possession under this chapter. The circuit court will make a determination for sale of assets only and not a determination of whether or not to take charge of an institution under the Bank Commissioner's supervision;

(2) “Federal deposit insurance agency” means an agency or instrumentality of the United States that insures to any extent the deposits of a depository institution, including the Federal Deposit Insurance Corporation;

(3) “Insolvent institution” means an institution that:

(A) Is, in the opinion of the commissioner, incapable of or unlikely to meet the demands of creditors or depositors on a timely basis;

(B) Has liabilities in excess of the total value of its assets as determined by the commissioner; or

(C) Has been advised by the Federal Deposit Insurance Corporation of the Federal Deposit Insurance Corporation's intention to withdraw deposit insurance coverage; and

(4) “Institution” means a state bank, state trust company, or subsidiary trust company.

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Cite this article: FindLaw.com - Arkansas Code Title 23. Public Utilities and Regulated Industries § 23-49-101. Definitions - last updated March 28, 2024 | https://codes.findlaw.com/ar/title-23-public-utilities-and-regulated-industries/ar-code-sect-23-49-101/

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