400.8-112. Creditor's legal process.
Creditor's legal process.
400.8-112. (a) The interest of a debtor in a certificated securitymay be reached by a creditor only by actual seizure of the securitycertificate by the officer making the attachment or levy, except asotherwise provided in subsection (d). However, a certificated security forwhich the certificate has been surrendered to the issuer may be reached bya creditor by legal process upon the issuer.
(b) The interest of a debtor in an uncertificated security may bereached by a creditor only by legal process upon the issuer at its chiefexecutive office in the United States, except as otherwise provided insubsection (d).
(c) The interest of a debtor in a security entitlement may be reachedby a creditor only by legal process upon the securities intermediary withwhom the debtor's securities account is maintained, except as otherwiseprovided in subsection (d).
(d) The interest of a debtor in a certificated security for which thecertificate is in the possession of a secured party, or in anuncertificated security registered in the name of a secured party, or asecurity entitlement maintained in the name of a secured party, may bereached by a creditor by legal process upon the secured party.
(e) A creditor whose debtor is the owner of a certificated security,uncertificated security, or security entitlement is entitled to aid from acourt of competent jurisdiction, by injunction or otherwise, in reachingthe certificated security, uncertificated security or security entitlementor in satisfying the claim by means allowed at law or in equity in regardto property that cannot readily be reached by other legal process.
(L. 1997 S.B. 6)