2006 Kentucky Revised Statutes - .126   Execution on transferable securities -- Requirements of the order -- Duty of corporate officials.

425.126 Execution on transferable securities -- Requirements of the order -- Duty of corporate officials. (1) If any claim be made by attachment, garnishment or other judicial order to a security which is transferable in the manner set forth in KRS 355.8-320, such order shall not be valid as against any clearing corporation as defined in KRS 355.8- 102(3), custodian bank as defined in KRS 355.8-102(4) or nominee or agent of either having any interest in, custody of or control over such security unless such order identifies the security by setting forth the name of the issuer, the class or series of the security, or both, the number of shares or other units of interest represented by the security, the name of the debtor and the name of the person having an account on the books of the clearing corporation (as defined in KRS 355.8-102(3)) in which such security is shown. (2) An attachment, garnishment or other judicial order of the kind described in subsection (1) hereof which does not set forth all the elements of identification of the security as specified therein shall in no manner bind or give notice of such claim to any clearing corporation as defined in KRS 355.8-102(3), custodian bank as defined in KRS 355.8-102(4) or nominee or agent of either having an interest in, custody of or control over such security, and such person, clearing corporation, custodian bank or nominee may transfer, pledge or in any manner deal with such security in disregard of such order or claim without liability to the claimant. (3) It shall be the duty of every person mentioned in subsections (1) and (2) to whom the sheriff shall apply therefor to furnish him a certificate of the number of shares of the defendant in the stock of the corporation or a description of the property held by such corporation or person for the benefit of the defendant, or belonging to him, or the amount of the debt owing to the defendant, by such corporation or person, whether due or not; and a failure to perform this duty may be punished by the court as a contempt. History: Created 1976 Ky. Acts ch. 91, sec. 25.