§490:8-112 - Creditor's legal process.
§490:8-112 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).
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).
(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).
(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. [L 1997, c 33, pt of §2]