§ 2-17-402 - Filing of petition. - Arkansas Statutes

2-17-402. Filing of petition.

(a) (1) Following summary suspension of a license under 2-17-215 or following a suspension or revocation of a license as otherwise provided in 2-17-201 et seq., the Public Grain Warehouse Commissioner in his or her discretion may file a verified petition in the proper court requesting that the commissioner be appointed as a receiver to take custody of grain stored in the licensee's warehouse and to provide for the disposition of those assets in the manner provided in this subchapter and under the supervision of the court.

(2) The petition shall be filed in the county in which the warehouse is located.

(3) The proper court shall appoint the commissioner as receiver.

(b) Upon the filing of the petition, the court shall issue ex parte such temporary orders as may be necessary to preserve or protect the assets in receivership, or the value thereof, and the rights of depositors, until a plan of disposition is approved.