12-1588. Answer disclosing shares of stock; judgment and sale
181 words·~1 min read·
/az/title-12/12-1588A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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.