State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_1 > GS_1-440_19

§1‑440.19.  Levy on stock in corporation.

(a)        The sheriff maylevy, as on tangible property, on a share of stock in a corporation by seizingthe certificate of stock

(1)        When the certificateis in the possession of the defendant, and

(2)        When, by the law ofthe state in which the corporation is incorporated, the property interest ofthe stockholder is embodied in the certificate of stock, as is provided by theUniform Stock Transfer Act or similar legislation.

(b)        The sheriff maylevy on a share of stock in a corporation by  delivery of copies of thegarnishment process to the proper officer or agent of such corporation, as setout in G.S. 1‑440.26,

(1)        When, by the law ofthe state in which the corporation is incorporated, the property interest ofthe stockholder is not embodied in the certificate of stock, or

(2)        When, by the law ofthe state in which the corporation is incorporated, the property interest ofthe stockholder is embodied in the certificate of the stock, as is provided bythe Uniform Stock Transfer Act or similar legislation, and

a.         Such certificate hasbeen surrendered to the corporation which issued it, or

b.         The transfer of suchcertificate by the holder thereof has been restrained or enjoined.

(c)        A restraining orderor injunction against the transfer of a certificate of stock, when proper in anattachment proceeding, may be granted by the clerk or judge pursuant to amotion in the cause to which the attachment is ancillary. (1947,c. 693, s. 1.)