Sec. 5. (a) Shares of stock in any
corporation or company may be levied upon and sold in the county where the office and books, showing the shares of stock and stockholders of the corporation or company, are kept.
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Terms Used In Indiana Code 34-55-3-5
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Lien: A claim against real or personal property in satisfaction of a debt.
- Sheriff: means the sheriff of the county or another person authorized to perform sheriff's duties. See Indiana Code 1-1-4-5
(c) The sheriff is entitled to access to the books of any corporation or company in the sheriff’s county for the purpose of making the levy. If refused access, the court shall enforce the right.
(d) The shares of stock subject to be levied upon are bound by the execution from the time of the levy. When the levy is made, the sheriff shall leave the notice of the levy with the officers of the company. The levy constitutes a lien upon the stock from the time of the levy.
[Pre-1998 Recodification Citation: 34-1-36-5.]
As added by P.L.1-1998, SEC.51.
