§ 4-8-112 — Creditor's legal process

(a) The interest of a debtor in a
certificated security may be reached by a creditor only by actual seizure of the
security certificate by the officer making the attachment or levy, except as
otherwise provided in subsection (d) of this section. However, a certificated security
for which the certificate has been surrendered to the issuer may be reached by a
creditor by legal process upon the issuer.

(b) The interest of a debtor in an uncertificated security may be reached by a
creditor only by legal process upon the issuer at its chief executive office in the
United States, except as otherwise provided in subsection (d) of this section.

(c) The interest of a debtor in a security entitlement may be reached by a
creditor only by legal process upon the securities intermediary with whom the
debtor's securities account is maintained, except as otherwise provided in
subsection (d) of this section.

(d) The interest of a debtor in a certificated security for which the certificate
is in the possession of a secured party, or in an uncertificated security registered in
the name of a secured party, or a security entitlement maintained in the name of a
secured party, may be reached 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 a court of
competent jurisdiction, by injunction or otherwise, in reaching the certificated
security, uncertificated security, or security entitlement or in satisfying the claim by
means allowed at law or in equity in regard to property that cannot readily be
reached by other legal process.

Legislative History

Source: L. 96: Entire article R&RE, p. 214, � 2, effective July 1.