The Arizona Revised Statutes have been updated to include the revised sections from the 56th Legislature, 1st Regular Session. Please note that the next update of this compilation will not take place until after the conclusion of the 56th Legislature, 2nd Regular Session, which convenes in January 2024.
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This online version of the Arizona Revised Statutes is primarily maintained for legislative drafting purposes and reflects the version of law that is effective on January 1st of the year following the most recent legislative session. The official version of the Arizona Revised Statutes is published by Thomson Reuters.
12-1588 - Answer disclosing shares of stock; judgment and sale
12-1588. Answer disclosing shares of stock; judgment and sale
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.