§ 23-38-307 - Repayment of loans during liquidation. - Arkansas Statutes

23-38-307. Repayment of loans during liquidation.

(a) Any borrower from a domestic building and loan association, which is in voluntary or involuntary liquidation, or which has been legally declared insolvent, who, at the time of the liquidation or insolvency, is indebted to the association, shall be charged with the amount due on the loan or advance and with any other indebtedness due the association by the borrower at the time of liquidation or insolvency.

(b) The borrower shall be given credit on his loan or advance for the amount theretofore paid on his stock, bond, investment certificate, membership certificate, or other evidence of shares, as the case may be, less any fees, fines, or penalties due the association by the borrower.