§ 23-49-120 - Voluntarily placing an institution in possession of commissioner. - Arkansas Statutes

23-49-120. Voluntarily placing an institution in possession of commissioner.

(a) Any institution may place its affairs and assets under the control of the Bank Commissioner by posting a notice on its front door as follows: "This financial institution is in the possession of the Arkansas State Bank Commissioner".

(b) The posting of the notice or the taking possession of any institution by the commissioner shall be sufficient to place all of the assets and property of whatever nature in the possession of the commissioner and shall operate as a bar to and dissolution of any attachment proceedings.