12-1588. Answer disclosing shares of stock; judgment and sale
A. If the garnishee is a corporation and it appears from the answer or otherwise that the judgment debtor is or was when the writ of garnishment was served the owner of any shares of stock in the corporation, or of any interest therein, the court shall give judgment ordering the sale under execution in favor of the judgment creditor against the judgment debtor of such shares or interest of the judgment debtor, or so much thereof as is necessary to satisfy the execution.
B. The sale shall be conducted as other sales of personal property under execution, and the officer making the sale shall execute a transfer of the shares or interest to the purchaser, briefly reciting the judgment under which they were sold.
C. The sale shall pass to the purchaser all the right, title and interest which the judgment debtor had in the shares of stock, or in the corporation, and the officers of the corporation shall enter the sale and transfer on the books of the corporation as if they had been made by the judgment debtor.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.