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This entry was published on 2014-09-22
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SECTION 8-112
Creditor's Legal Process
Uniform Commercial Code (UCC) CHAPTER 38, ARTICLE 8, PART 1
Section 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.