Ark. Code Ann. § 19-3-516
This is the official text of Ark. Code Ann. § 19-3-516, part of Arkansas’s Code Ann — part of the compiled statutory law of Arkansas, published by the state as "Code Ann." Browse the sections below, each linked to its official government source.
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Discontinuance as bank depository
Official statutory text
(a) A bank depository that refuses to cash upon presentation by the payee within thirty (30) days of issuance a state warrant of five hundred dollars ($500) or less drawn upon the State Treasury or a bank check of five hundred dollars ($500) or less issued by a state agency shall: (1) Be discontinued immediately as a bank depository; and (2) For a period of time determined by the State Board of Finance, be ineligible for reinstatement as a bank depository. (b) This section does not prevent a bank depository from: (1) Taking a reasonable time to make proper identification of the persons and signatures of payees named in warrants or checks; or (2) Seeking indemnification for losses from cashing warrants or checks for persons other than the payees named in the warrants or checks. Amended by Act 2013, No. 1088,§ 2, eff. 8/16/2013. Acts 1997, No. 847, § 1.
(a) A bank depository that refuses to cash upon presentation by the payee within thirty (30) days of issuance a state warrant of five hundred dollars ($500) or less drawn upon the State Treasury or a bank check of five hundred dollars ($500) or less issued by a state agency shall: (1) Be discontinued immediately as a bank depository; and (2) For a period of time determined by the State Board of Finance, be ineligible for reinstatement as a bank depository.
(1) Be discontinued immediately as a bank depository; and
(2) For a period of time determined by the State Board of Finance, be ineligible for reinstatement as a bank depository.
(b) This section does not prevent a bank depository from: (1) Taking a reasonable time to make proper identification of the persons and signatures of payees named in warrants or checks; or (2) Seeking indemnification for losses from cashing warrants or checks for persons other than the payees named in the warrants or checks.
(1) Taking a reasonable time to make proper identification of the persons and signatures of payees named in warrants or checks; or
(2) Seeking indemnification for losses from cashing warrants or checks for persons other than the payees named in the warrants or checks.
Amended by Act 2013, No. 1088,§ 2, eff. 8/16/2013.
Acts 1997, No. 847, § 1.
(a) A bank depository that refuses to cash upon presentation by the payee within thirty (30) days of issuance a state warrant of five hundred dollars ($500) or less drawn upon the State Treasury or a bank check of five hundred dollars ($500) or less issued by a state agency shall: (1) Be discontinued immediately as a bank depository; and (2) For a period of time determined by the State Board of Finance, be ineligible for reinstatement as a bank depository.
(1) Be discontinued immediately as a bank depository; and
(2) For a period of time determined by the State Board of Finance, be ineligible for reinstatement as a bank depository.
(b) This section does not prevent a bank depository from: (1) Taking a reasonable time to make proper identification of the persons and signatures of payees named in warrants or checks; or (2) Seeking indemnification for losses from cashing warrants or checks for persons other than the payees named in the warrants or checks.
(1) Taking a reasonable time to make proper identification of the persons and signatures of payees named in warrants or checks; or
(2) Seeking indemnification for losses from cashing warrants or checks for persons other than the payees named in the warrants or checks.
Amended by Act 2013, No. 1088,§ 2, eff. 8/16/2013.
Acts 1997, No. 847, § 1.
Status: in_force
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