Ark. Code Ann. » Title 21 Chapter 02
Arkansas Code Annotated

Ark. Code Ann. § 21-2-701 (2020)

Purpose

✓ Arkansas Code release r76: Acts through about 2020 (2021-2025 sessions missing)
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It is found and determined that:

  1. The State of Arkansas and the counties, municipalities, and school districts of the State of Arkansas are expending large sums of money each year for premiums on blanket bonds for officers and employees;
  2. Considerable savings might be effected by the establishment of a self-insured fidelity bond program for state officials and employees, county officials and employees, municipal officials and employees, and school district officials and employees;
  3. This subchapter is designed to establish a governmental bonding board to develop a self-insured fidelity bond program for those officials and employees; and
  4. This subchapter is designed to provide that self-insured fidelity bonds would be in lieu of the various blanket bonds which are presently required under this chapter for various officials and employees and to thereby effectuate substantial savings in the cost of blanket bonds for those officials and employees.

History. Acts 1987, No. 728, § 1.

Case Notes

In General.

The Fidelity Bond Program is designed to cover losses sustained by participating governmental entities. Volunteer Council v. Governmental Bonding Bd., 319 Ark. 716, 894 S.W.2d 580 (1995).

Notes of Decisions
Cited in 2 cases, 1993–1995 · leading case: In re Sutherland, 161 B.R. 657 (Bankr. E.D. Ark. 1993).
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In re Sutherland, 161 B.R. 657 (Bankr. E.D. Ark. 1993). · cites it 3× “See Ark.Code Ann. § 21-2-701 et seq. Accordingly, the Arkansas Fidelity Bond Trust Fund was subrogated to the rights of Concord School District against the defendant.”
Volunteer Council v. Gov't Bonding Bd., 894 S.W.2d 580 (Ark. 1995). · cites it 3× “This appeal seeks to reverse a decision of the Governmental Bonding Board which denied the appellant’s claim under the Fidelity Bond Program, Ark. Code Ann. §§ 21-2-701 - 21-2-711 (Supp.”
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