23 CAR § 358-802 – Approvals required — Applicability — Scope of approval

(a)
1. (1) A person may not enforce a security interest in personal property gaming collateral except as provided by this subpart.
2. (2) The purported enforcement of such security interest without the secured party having complied with the requirements of this subpart is void.
(b) The provisions of this subpart do not apply to the enforcement of a security interest in real property.
(c) Notwithstanding any other provision of this subpart, approval is not required under this subpart to enforce a security interest in a security issued by a holding company, or by a corporation, general partnership, or limited partnership licensee, if the gaming operation has ceased and the operating license has been surrendered to the Arkansas Racing Commission prior to the enforcement of such security interest.
(d) The granting of an approval pursuant to this subpart does not constitute a determination by the commission as to the validity or enforceability of the security interest.
(e) The granting of an approval pursuant to this subpart does not constitute licensing, registration, or finding of suitability of the secured party, nor approval for further sale, transfer, or other disposition of the gaming collateral subsequent to the enforcement of the security interest.