O.C.G.A.
O.C.G.A.

O.C.G.A. § 11-8-112 (2019)

Creditor’s legal process

✓ O.C.G.A. — 2019 edition (Public.Resource.Org Release 73)
Code text and O.C.G.A. statutory annotations on this page reflect the 2019 Official Code of Georgia Annotated (Public.Resource.Org Release 73, 2019-08-21; public domain per Georgia v. Public.Resource.Org, 2020). The Syfert case-law annotations in Notes of Decisions, below, are current.
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(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) of this Code section. 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) of this Code section.

(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) of this Code section.

(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.

History

Code 1981, § 11-8-112, enacted by Ga. L. 1998, p. 1323, § 1.

Annotations

RESEARCH REFERENCES U.L.A. Uniform Commercial Code (U.L.A.) § 8112.

Notes of Decisions
Cited in 2 cases (1 in the last 5 years), 2006–2023 · leading case: Hays v. Hamblen Fam. Irrevocable Trust (In re Hamblen), 360 B.R. 362 (Bankr. N.D. Ga. 2006).
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Hays v. Hamblen Fam. Irrevocable Trust (In re Hamblen), 360 B.R. 362 (Bankr. N.D. Ga. 2006). “The trustee or person in charge of the estate representing the trustee shall be subject to the same demand as that provided by Code Sections 11-8-112 and 9-13-58 for the levying officer to make upon the officers of a corporation.”
James Daniel Wisner v. The Piedmont Bank (11th Cir. 2023). · cites it 4× “” O.C.G.A. § 11-8-112. Thus, as the district court explained, “a judgment lien on corporate shares in the possession of a debtor can only attach through the actual seizure of a stock certificate by a levying officer.”
— 11-8-112(a) — 1 case
James Daniel Wisner v. The Piedmont Bank (11th Cir. 2023). “” O.C.G.A. § 11-8-112. Thus, as the district court explained, “a judgment lien on corporate shares in the possession of a debtor can only attach through the actual seizure of a stock certificate by a levying officer.”
— 11-8-112(e) — 1 case
James Daniel Wisner v. The Piedmont Bank (11th Cir. 2023). “” O.C.G.A. § 11-8-112. Thus, as the district court explained, “a judgment lien on corporate shares in the possession of a debtor can only attach through the actual seizure of a stock certificate by a levying officer.”
Annotations are extracted automatically from the opinions in the Syfert caselaw corpus and ranked by authority, recency, and treatment. Dots show Syfertize treatment of the citing case itself.