§ 41-08-12 — (8-112) Creditor's legal process

North Dakota § 41-08-12

• Jurisdiction: North Dakota
• Title 41: Uniform Commercial Code
• Ch. 41-08: Investment Securities

Text

1. 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 4. 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.
2. 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 4.
3. 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 4.
4. 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.
5. 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.