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Arkansas Code Title 23. Public Utilities and Regulated Industries § 23-49-106. Appointment of receiver--Restrictions on proceedings, liens, or credits

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

(a)(1) The Bank Commissioner may appoint the appropriate federal deposit insurance agency as the receiver of the closed institution. If the federal deposit insurance agency accepts the appointment, the commissioner shall file notice with the court of the appointment.

(2) If the Federal Deposit Insurance Corporation accepts appointment as receiver, it shall not be required to post any bond.

(b)(1) Upon appointment as receiver, title to all assets of the institution vests in the receiver without the execution of any instruments of conveyance, assignment, transfer, or endorsement.

(2) If no other receiver is appointed as provided in this chapter, the commissioner shall act as receiver and have all of the powers and duties of a receiver as provided in this chapter.

(c) Except as otherwise provided, the sole and exclusive right to liquidate and terminate the affairs of any institution is vested in the receiver appointed under this section, and no other receiver, assignee, trustee, or liquidating agent shall be appointed by any court or any other person.

(d) After the commissioner has taken possession of the business and property of any institution, no suit, action, or other proceeding at law or in equity shall be commenced or prosecuted against the institution upon any debt, obligation, claim, or demand. All such claims may be brought against the receiver.

(e)(1) No person holding any of the property or credits of the institution shall have any lien or charge against the property or credits for any payment, advance, or clearance made after the commissioner has taken possession.

(2) A lien shall not attach to any of the assets or property of the institution by reason of the entry of any judgment recovered against the institution after the commissioner has taken possession of its business and property.

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Cite this article: FindLaw.com - Arkansas Code Title 23. Public Utilities and Regulated Industries § 23-49-106. Appointment of receiver--Restrictions on proceedings, liens, or credits - last updated March 28, 2024 | https://codes.findlaw.com/ar/title-23-public-utilities-and-regulated-industries/ar-code-sect-23-49-106/

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