§ 23-49-112 - Rejection of contracts and leases. - Arkansas Statutes

23-49-112. Rejection of contracts and leases.

(a) Within one hundred eighty (180) days after the date that the Bank Commissioner has taken possession, the receiver may, at his election, reject:

(1) Any executory contracts to which the closed institution is a party without any further liability to the closed institution or the receiver; and

(2) Any obligation of the institution as a lessee of real or personal property.

(b) The receiver's election to reject a lease shall create no claim for rent other than rent accrued to the date of termination.