Section 53(9) in Jammu and Kashmir Co-operative Societies Rules, 2001
(9)Where the movable property to be attached is.-(a)A debt due to the defaulter in question;(b)A share in the capital of a corporation or a deposit invested therein; or(c)Other movable property not in the possession of the defaulter except property deposited in or in the custody of any civil court, the attachment shall be made by a written order signed by the Recovery Officer prohibiting:-(i)In the case of a debt , the creditor from recovering the debt and the debtor from making payment thereof;(ii)In the case of a share or deposit, the person in whose name the share of the deposit may be standing from transferring the share or depositor receiving any dividend of interest thereon; and(iii)In the case of any other movable property except aforesaid the person in possession of it from giving it over to the defaulter.A copy of such order shall be sent in the case of the debt to the debtor, in the case of the share of deposit to the proper officer of the corporation and in the case of the other movable property except as aforesaid to the person in possession of such property. As soon as the debt referred to in clause (a) or the deposit referred to in clause (b) mature, the Recovery Officer may direct the person concerned to pay the amount to him. Where the share is not withdrawable the said Recovery Officer shall arrange for its value shall be paid to the said Recovery Officer or to the party referred to in clause (c) the person concerned shall place it in the hands of the said Recovery Officer as it becomes deliverable to the defaulter.
