As used in this chapter:(1) 'Circuit court' means the court with which the State Bank Department has filed the notice of possession under this chapter. The circuit court will make a determination for sale of assets only and not a determination of whether or not to take charge of an institution under the Bank Commissioner's supervision;(2) 'Federal deposit insurance agency' means an agency or instrumentality of the United States that insures to any extent the deposits of a depository institution, including the Federal Deposit Insurance Corporation;(3) 'Insolvent institution' means an institution that: (A) Is, in the opinion of the commissioner, incapable of or unlikely to meet the demands of creditors or depositors on a timely basis;(B) Has liabilities in excess of the total value of its assets as determined by the commissioner; or(C) Has been advised by the Federal Deposit Insurance Corporation of the Federal Deposit Insurance Corporation's intention to withdraw deposit insurance coverage; and(4) 'Institution' means a state bank, state trust company, or subsidiary trust company.Acts 1997, No. 89, § 1; 1997, No. 940, § 113.
Arkansas Legal Code