§ 6A-8-112 - Creditor's legal process. - Rhode Island Statutes

SECTION 6A-8-112

   § 6A-8-112  Creditor's legal process.– (a) The interest of a debtor in a certificated security may be reached by acreditor only by actual seizure of the security certificate by the officermaking the attachment or levy, except as otherwise provided in subsection (d).However, a certificated security for which the certificate has been surrenderedto the issuer may be reached by a creditor by legal process upon the issuer.

   (b) The interest of a debtor in an uncertificated securitymay be reached by a creditor only by legal process upon the issuer at its chiefexecutive office in the United States, except as otherwise provided insubsection (d).

   (c) The interest of a debtor in a security entitlement may bereached by a creditor only by legal process upon the securities intermediarywith whom the debtor's securities account is maintained, except as otherwiseprovided in subsection (d).

   (d) The interest of a debtor in a certificated security forwhich the certificate is in the possession of a secured party, or in anuncertificated security registered in the name of a secured party, or asecurity entitlement maintained in the name of a secured party, may be reachedby a creditor by legal process upon the secured party.

   (e) A creditor whose debtor is the owner of a certificatedsecurity, uncertificated security, or security entitlement is entitled to aidfrom a court of competent jurisdiction, by injunction or otherwise, in reachingthe certificated security, uncertificated security, or security entitlement orin satisfying the claim by means allowed at law or in equity in regard toproperty that cannot readily be reached by other legal process.