(a) Within one hundred eighty (180) days after the date that the Bank Commissioner has taken possession, the receiver may, at his or her 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.Acts 1997, No. 89, § 1. (a) Within one hundred eighty (180) days after the date that the Bank Commissioner has taken possession, the receiver may, at his or her 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.Acts 1997, No. 89, § 1.
Arkansas Legal Code