The 2023 Florida Statutes (including Special Session C)

Title XXXIX
COMMERCIAL RELATIONS

Chapter 678
UNIFORM COMMERCIAL CODE: INVESTMENT SECURITIES

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F.S. 678.1121

678.1121 Creditor’s legal process.—

(1) The interest of a debtor in a certificated security may be reached by a creditor only by actual seizure of the security certificate by the officer making the attachment or levy, except as otherwise provided in subsection (4). However, a certificated security for which the certificate has been surrendered to the issuer may be reached by a creditor by legal process upon the issuer.

(2) The interest of a debtor in an uncertificated security may be reached by a creditor only by legal process upon the issuer at its chief executive office in the United States, except as otherwise provided in subsection (4).

(3) The interest of a debtor in a security entitlement may be reached by a creditor only by legal process upon the securities intermediary with whom the debtor’s securities account is maintained, except as otherwise provided in subsection (4).

(4) The interest of a debtor in a certificated security for which the certificate is in the possession of a secured party, or in an uncertificated security registered in the name of a secured party, or a security entitlement maintained in the name of a secured party, may be reached by a creditor by legal process upon the secured party.

(5) A creditor whose debtor is the owner of a certificated security, uncertificated security, or security entitlement is entitled to aid from a court of competent jurisdiction, by injunction or otherwise, in reaching the certificated security, uncertificated security, or security entitlement or in satisfying the claim by means allowed at law or in equity in regard to property that cannot readily be reached by other legal process.

History.—s. 1, ch. 98-11.

F.S. 678.1121 on Google Scholar

F.S. 678.1121 on Casetext

Amendments to 678.1121

Arrestable Offenses / Crimes under Fla. Stat. 678.1121

Level: Degree
Misdemeanor/Felony: First/Second/Third

Current data shows no reason an arrest or criminal charge should have occurred directly under Florida Statute 678.1121.

Annotations, Discussions, Cases:

Cases from cite.case.law:

G. SCHANCK, v. M. GAYHART L. Co- He, 245 So. 3d 970 (Fla. App. Ct. 2018)

. . . The Estate relied on section 678.1121(5), Florida Statutes, which broadly authorizes the court to give . . . argues that the court lacked jurisdiction to take action affecting the certificates and that section 678.1121 . . . Section 678.1121 outlines the procedure by which a creditor may reach a debtor's security interests: . . . Appellant argues that section 678.1121 requires actual seizure of the certificates and does not authorize . . . We hold that section 678.1121(5) authorizes a court to aid the creditor "in reaching the security or . . .

J. KLAUBER, v. FIRST FEDERAL BANK OF FLORIDA, 198 So. 3d 762 (Fla. Dist. Ct. App. 2016)

. . . See § 678.1121(5), Fla. . . .

In INFOLINK GROUP, INC., 447 B.R. 647 (Bankr. S.D. Fla. 2011)

. . . the state law remedy afforded to a judgment creditor by Florida law, specifically Florida Statute § 678.1121 . . . Court Services Bureau, for further disposition in aid of execution, as authorized by Florida Statute § 678.1121 . . .