678.1121

Creditor’s legal process.

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678.1121 Creditor’s legal process.—

(1) 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 (4). 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.

(2) 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 (4).

(3) 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 (4).

(4) 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.

(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 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.

History.—s. 1, ch. 98-11.

Notes of Decisions

Cited in 6 cases (1 in the last 5 years), 2011–2024 · leading case: John G. Schanck v. William M. Gayhart and Debra L. Buchanan, etc.

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John G. Schanck v. William M. Gayhart and Debra L. Buchanan, etc. (2018) fladistctapp · cites it 12× “Second, he argues that the court lacked jurisdiction to take action affecting the certificates and that section 678.1121, Florida Statutes, does not authorize the reissuance of stock and membership certificates.”

Wells Fargo Bank Minnesota, NA v. Envirobusiness, Inc. (2014) illappct “In addition, while Walker contends that all claims against an asset should be decided in a single forum, the legislature apparently considered that policy when it enacted section 2-1402(g) of the Code. That section states that where another individual claims an interest in…”

Wells Fargo Bank Minnesota, NA v. Envirobusiness, Inc. (2015) illappct “In addition, while Walker contends that all claims against an asset should be decided in a single forum, the legislature apparently considered that policy when it enacted section 2-1402(g) of the Code. That section states that where another individual claims an interest in…”

Klauber v. First Federal Bank of Florida (2016) fladistctapp · cites it 2× “See § 678.1121(5), Fla. Stat. (2014) (providing that a creditor “is entitled to aid from a court of competent jurisdiction, by injunction or otherwise,” to reach a security owned by the debtor in order to satisfy a judgment).”

J.B. Harris, P.A. v. Virage Capital Management LP (2024) fladistctapp · cites it 4× “This procedure is outlined in section 678.1121, Florida Statutes. In pertinent part, it states: 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…”

In Re Infolink Group, Inc. (2011) flsb · cites it 2× “Menocal asserts that, without the relief, he will have no means of utilizing the state law remedy afforded to a judgment creditor by Florida *652 law, specifically Florida Statute § 678.1121. Bankruptcy courts have jurisdiction over “civil proceedings” arising under title 11 of…”

— 678.1121(5) — 4 cases

John G. Schanck v. William M. Gayhart and Debra L. Buchanan, etc. (2018) fladistctapp “Second, he argues that the court lacked jurisdiction to take action affecting the certificates and that section 678.1121, Florida Statutes, does not authorize the reissuance of stock and membership certificates.”

Klauber v. First Federal Bank of Florida (2016) fladistctapp “See § 678.1121(5), Fla. Stat. (2014) (providing that a creditor “is entitled to aid from a court of competent jurisdiction, by injunction or otherwise,” to reach a security owned by the debtor in order to satisfy a judgment).”

J.B. Harris, P.A. v. Virage Capital Management LP (2024) fladistctapp “This procedure is outlined in section 678.1121, Florida Statutes. In pertinent part, it states: 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…”

In Re Infolink Group, Inc. (2011) flsb “Menocal asserts that, without the relief, he will have no means of utilizing the state law remedy afforded to a judgment creditor by Florida *652 law, specifically Florida Statute § 678.1121. Bankruptcy courts have jurisdiction over “civil proceedings” arising under title 11 of…”

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