O.C.G.A. § 9-13-58 (2019)
Corporation’s disclosure of worth of defendant’s shares mandated; refusal treated as contempt
Upon demand by any sheriff, constable, or other levying officer having in his hands any execution against any person who is the owner of any shares of stock of a bank or corporation upon the president, superintendent, manager, or other officer having access to the books of the bank or corporation, the president, superintendent, manager, or other officer aforesaid shall disclose to the levying officer the number of shares and the par value thereof owned by the defendant in execution and, on refusal to do so, shall be considered in contempt of court and punished accordingly. (Laws 1822, Cobb’s 1851 Digest, p. 511; Code 1863, § 2582; Code 1868, § 2584; Code 1873, § 2626; Code 1882, § 2626; Ga. L. 1890-91, p. 73, § 1; Ga. L. 1894, p. 45, § 1; Civil Code 1895, § 5430; Civil Code 1910, § 6035; Code 1933, § 39-123.)
Annotations
JUDICIAL DECISIONS Section changes common law. - While stock in a corporation is a chose in action and, therefore, in the absence of a statute would not be subject to levy and sale under execution, it is specially made subject thereto by this section. Tuttle v. Walton, 1 Ga. 43 (1846); McGehee v. Cherry, 6 Ga. 550 (1849); Ross v. Ross, 25 Ga. 297 (1858); Buena Vista Loan & Sav.
Bank v. Grier, 114 Ga. 398, 40 S.E. 284 (1901); Owens v. Atlanta Trust & Banking Co., 122 Ga. 521, 50 S.E. 379 (1905); Tompkins v. American Land Co., 25 Ga. App. 326, 103 S.E. 190 (1920); Fourth Nat’l Bank v. Swift & Co., 160 Ga. 372, 127 S.E. 729 (1925). Legislative intent to retain right to authorize levying on stock is probably
implicit in this section. Central of Ga. Ry. v. Little, 126 Ga. App. 502, 191 S.E.2d 105 (1972). This section provides remedy by discovery in favor of ordinary creditor without lien, if the creditor’s debtor is subject to attachment and the creditor’s shares to seizure thereunder. Coca-Cola Co. v. City of Atlanta, 152 Ga. 558, 110 S.E. 730, cert. denied, 259 U.S. 581, 42 S. Ct. 585, 66 L. Ed. 1074 (1922). Corporation with no office in state. - This section does not apply to a corporation which has no office in this state. Tow v. Evans, 194 Ga. 160, 20 S.E.2d 922 (1942). Lien attaches under this section after levy and notice to corporation and not upon judgment. Notice is necessary or
the levy will be subject to arrest on illegality. Owens v. Atlanta Trust & Banking Co., 122 Ga. 521, 50 S.E. 379 (1905); Weaver v. Tuten, 144 Ga. 8, 85 S.E. 1048 (1915). Situs of stock for levy. - It is clear that, for the purpose of subjecting corporate stock to attachment and execution, this section fixes its situs at the domicile of the corporation. People’s Nat’l Bank v. Cleveland, 117 Ga. 908, 44 S.E. 20 (1903). Numbers of stock certificates are not required by this section to be furnished to the levying officer. See Stanton v. First Nat’l Bank, 26 Ga. App. 257, 105 S.E. 726 (1921). Cited in Peoples Loan Co. v. Allen, 199 Ga. 537, 34 S.E.2d 811 (1945).
RESEARCH REFERENCES C.J.S. - 33 C.J.S., Executions, § 39. ALR. - Shares of corporate stock as subject of execution or attachment, 1 ALR 653. Exclusiveness of statutory remedy of sale or forfeiture of stock to enforce liability for assessment, 83 ALR 892.
Power of equity court to reach or to sequester, for seizure and sale, beneficial equitable interests in corporate stock shares, 42 ALR2d 920.