Rights or shares in the stock of any corporation, together with the dividends and profits due and growing due thereon, may be attached and taken on execution. Such attachment shall be made by leaving a true and attested copy of the process and of the accompanying complaint, with the proper endorsement thereon of the officer serving the same, with the defendant or at his usual place of abode, if within the state, and with the secretary, clerk or cashier of such corporation or, if such corporation has no secretary, clerk or cashier or if he is absent from the state, then at the principal place in the state where such corporation transacts its business or exercises its corporate powers. When an officer with a writ of attachment applies to such secretary, clerk or cashier, for the purpose of attaching such rights or shares, the secretary, clerk or cashier shall furnish him with a certificate, under his hand, in his official capacity, specifying the number of rights or shares which the defendant holds in the stock of such corporation, with the encumbrances thereon, if any, and the amount of dividends thereon due, and upon the failure of any secretary, clerk or cashier to furnish such officer with such certificate, he shall be fined not more than two hundred dollars. Such rights or shares, together with the dividends and profits, shall be held to respond to the judgment which may be recovered in such action for sixty days after its rendition; but no attachment of shares of stock for which a certificate is outstanding shall be valid until such certificate is actually seized by the officer making the attachment, or is surrendered to the corporation which issued it.

(1949 Rev., S. 8031; 1959, P.A. 574, S. 5.)

History: 1959 act deleted provision which stated as possible condition for valid attachment that attachment of stock shares for which certificate is outstanding is not valid until “its transfer by the holder [is] enjoined”.

Absence of cashier. 17 C. 259. Equitable interests in stock can be taken. 33 C. 379. Equitable interest in stock of foreign corporation, held here as collateral, is not attachable. 53 C. 400. Proceedings to attach shares of stock owned by nonresident in corporation of this state. 84 C. 618. Provision concerning dividends. 242 U.S. 357. Effect of false statement as to amount of stock owned by defendant, made by secretary of corporation to officer; liability of corporation on grounds of estoppel. 100 C. 260.

Cited. 5 CS 388; 16 CS 95.