8.8A-112 - A-112. Creditor's legal process.
§ 8.8A-112. Creditor's legal process.
(a) The interest of a debtor in a certificated security may be reached by acreditor only by actual seizure of the security certificate by the officermaking the attachment or levy, except as otherwise provided in subsection(d). However, a certificated security for which the certificate has beensurrendered to the issuer may be reached by a creditor by legal process uponthe issuer.
(b) The interest of a debtor in an uncertificated security may be reached bya creditor only by legal process upon the issuer at its chief executiveoffice in the United States, except as otherwise provided in subsection (d).
(c) The interest of a debtor in a security entitlement may be reached by acreditor only by legal process upon the securities intermediary with whom thedebtor's securities account is maintained, except as otherwise provided insubsection (d).
(d) The interest of a debtor in a certificated security for which thecertificate is in the possession of a secured party, or in an uncertificatedsecurity registered in the name of a secured party, or a security entitlementmaintained in the name of a secured party, may be reached by a creditor bylegal 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 reaching thecertificated security, uncertificated security, or security entitlement or insatisfying the claim by means allowed at law or in equity in regard toproperty that cannot readily be reached by other legal process.
(1996, c. 216.)