70A-8-111 - Creditor's legal process.
70A-8-111. Creditor's legal process.
(1) The interest of a debtor in a certificated security may be reached by a creditor only byactual seizure of the security certificate by the officer making the attachment or levy, except asotherwise provided in Subsection (4). However, a certificated security for which the certificatehas 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 onlyby legal process upon the issuer at its chief executive office in the United States, except asotherwise provided in Subsection (4).
(3) The interest of a debtor in a security entitlement may be reached by a creditor only bylegal process upon the securities intermediary with whom the debtor's securities account ismaintained, except as otherwise provided in Subsection (4).
(4) The interest of a debtor in a certificated security for which the certificate is in thepossession of a secured party, or in an uncertificated security registered in the name of a securedparty, or a security entitlement maintained in the name of a secured party, may be reached by acreditor 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 orotherwise, in reaching the certificated security, uncertificated security, or security entitlement orin satisfying the claim by means allowed at law or in equity in regard to property that cannotreadily be reached by other legal process.
Enacted by Chapter 204, 1996 General Session