§ 8-112 — Creditor's Legal Process

New York § 8-112

• Jurisdiction: New York
• Law UCC: Uniform Commercial Code
• Part 1: Short Title and General Matters
• Art. 8: Investment Securities

Text

Section 8--112. Creditor's Legal Process.\n (a) The interest of a debtor in a certificated security may be reached\nby a creditor only by actual seizure of the security certificate by the\nofficer making the attachment or levy, except as otherwise provided in\nsubsection (d). However, a certificated security for which the\ncertificate has been surrendered to the issuer may be reached by a\ncreditor by legal process upon the issuer.\n (b) The interest of a debtor in an uncertificated security may be\nreached by a creditor only by legal process upon the issuer at its chief\nexecutive office in the United States, except as otherwise provided in\nsubsection (d).\n (c) The interest of a debtor in a security entitlement may be reached\nby a creditor only by legal process upon the securities intermediary\nwith whom the debtor's securities account is maintained, except as\notherwise provided in subsection (d).\n (d) The interest of a debtor in a certificated security for which the\ncertificate is in the possession of a secured party, or in an\nuncertificated security registered in the name of a secured party, or a\nsecurity entitlement maintained in the name of a secured party, may be\nreached by a creditor by legal process upon the secured party.\n (e) A creditor whose debtor is the owner of a certificated security,\nuncertificated security, or security entitlement is entitled to aid from\na court of competent jurisdiction, by injunction or otherwise, in\nreaching the certificated security, uncertificated security, or security\nentitlement or in satisfying the claim by means allowed at law or in\nequity in regard to property that cannot readily be reached by other\nlegal process.\n