§ 23-49-109 - Presentation of claims -- Notice of claims procedure -- Rejection of claims -- Statute of limitations. - Arkansas Statutes

23-49-109. Presentation of claims -- Notice of claims procedure -- Rejection of claims -- Statute of limitations.

(a) All parties having claims against the closed institution shall present their claims supported by proof to the receiver within one hundred eighty (180) days after the Bank Commissioner has taken possession.

(b) The receiver shall cause notice of the claims procedures prescribed by this section to be:

(1) Published once a month for three (3) consecutive months in a newspaper published in the City of Little Rock and having a general and substantially statewide circulation; and

(2) Mailed to each person whose name appears as a creditor upon books of the institution at the person's last address of record.

(c) (1) Within one hundred eighty (180) days following receipt of the claim, the receiver shall notify in writing any claimant whose claim has been rejected. Notice is effective when mailed.

(2) Any claimant whose claim has been rejected by the receiver may petition the chancery court for a hearing on the claim within sixty (60) days from the date the claim was rejected.

(d) The period described in subsection (a) of this section may be extended by written agreement between the claimant and the receiver.

(e) (1) The claim of any party against the closed institution shall be disallowed, other than any portion of the claim which was allowed by the receiver, as of the end of the sixty-day period described in subsection (c) of this section, if the party having the claim fails to:

(A) Request an administrative review of any claim by the receiver in accordance with proper procedure; or

(B) File suit on the claim, or continue an action commenced before the appointment of the receiver, before the end of the sixty-day period.

(2) The disallowance shall be final, and the claimant shall have no further rights or remedies with respect to the claim.