Title 23 — Public Utilities and Regulated Industries
95 chapters · 4,024 sections in this title.
Ark. Code Ann. § 23-47-710 Services provided by affiliates
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(a) Any bank, subsidiary trust company, or national trust company qualified to act as a fiduciary in this state is hereby specifically authorized to utilize its respective affiliates to provide services for any trust or estate for which the bank, subsidiary trust company, or nati…
Ark. Code Ann. § 23-47-801 Definitions
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(1) For purposes of this subchapter, “affiliated bank” means a bank, having authority to conduct trust business and business incidental to trust business within this state, more than fifty percent (50%) of the voting stock of which is owned directly or indirectly by:(1) The same …
Ark. Code Ann. § 23-47-802 Subsidiary trust companies — Creation, formation, etc. — Powers — Location
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(a) Notwithstanding the provisions of § 23-48-405, bank holding companies that own, directly or indirectly, an affiliated bank are authorized and empowered by the provisions of this subchapter to apply to the Bank Commissioner for authority to:(1) Create, form, and establish subs…
Ark. Code Ann. § 23-47-803 Substitution of subsidiary trust company or national trust company for affiliated bank
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(a) A subsidiary trust company or national trust company and one (1) or more of its affiliated banks may enter into one (1) or more agreements under which the subsidiary trust company or national trust company is substituted as fiduciary for each affiliated bank in each fiduciary…
Ark. Code Ann. § 23-47-804 Removal of accounts from operation of substitution agreement — Denial of substitution
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(a) A fiduciary account may be removed from the operation of the agreement by an amendment to the agreement filed with the Bank Commissioner before the effective date stated in the agreement. (b) The substitution of a subsidiary trust company or national trust company as fiduciar…
Ark. Code Ann. § 23-47-805 Deposits
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(a) A subsidiary trust company or national trust company may deposit with an affiliated bank fiduciary funds that are being held pending investment, distribution, or payment of debts. (b) A subsidiary trust company or national trust company may deposit with an affiliated bank fid…
Ark. Code Ann. § 23-47-806 Responsibility for acts and omissions
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(a) The bank holding company owning a subsidiary trust company or national trust company shall file with the Bank Commissioner an irrevocable undertaking to be fully responsible for the existing and future fiduciary acts and omissions of its subsidiary trust company or national t…
Ark. Code Ann. § 23-47-807 Qualification as successor fiduciary
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(1) For the purposes of qualification as successor fiduciary under any requirements contained in any document creating a fiduciary account or any statute of this state relating to fiduciary accounts, the subsidiary trust company or national trust company:(1) Is considered to have…
Ark. Code Ann. § 23-47-901 Safe deposit facilities — Liability of lessor
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(a) A bank may lease safe-deposit boxes for the keeping of property on terms as may be agreed to by the parties. (b) No bank shall be liable for any loss of the property in a safe-deposit box by theft, robbery, fire, or other cause.
Ark. Code Ann. § 23-47-902 Multiple-party leases
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(a) If a safe-deposit box is held in the name of two (2) or more persons, any one (1) of such persons shall be entitled to access the safe-deposit box and shall be permitted to remove the contents thereof, and the bank shall not be responsible for any damage arising by reason of …
Ark. Code Ann. § 23-47-903 Lease to a minor
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A bank may lease a safe-deposit box to a minor and in connection therewith, deal with him or her to the same effect as if leasing to and dealing with a person of full legal capacity.
Ark. Code Ann. § 23-47-904 Limiting right of access for failure to comply with security procedures
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If any lessee is unwilling or unable to comply with any of the bank's normal requirements or procedures in connection with access to a safe-deposit box relating to security, safety, or protection, the bank has the right to limit or deny access to the safe-deposit box by that less…
Ark. Code Ann. § 23-47-905 Adverse claims to contents of safe-deposit box
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Notice to a bank of an adverse claim to the contents of a safe-deposit box shall not be sufficient to require the bank to deny access to its lessee unless the adverse claimant also procures a restraining order, injunction, or other process, which has become final and not further …
Ark. Code Ann. § 23-47-906 Remedies and procedures for nonpayment of rent
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(a) If the safe-deposit box rental is delinquent for six (6) months, the bank, after at least thirty (30) days' notice by certified mail, return receipt requested, addressed to the lessee at the lessee's last known address on the books of the bank, may, if the rent is not paid wi…