Section 125 in Tamil Nadu Co-operative Societies Rules, 1988
125. Attachment of debt, share or other property not in possession of judgement-debtor.
(1)Where the movable property to be attached is-(a)a debt due to the judgement-debtor in question; or(b)a share in the capital of a corporation including a bank or a deposit invested therein; or(c)other movable property not in the possession of the judgement-debtor except property deposited in or in the custody of any Civil Court;the Attachment shall be made by a written order signed by the Registrar prohibiting-(i)in the case of the debt, the creditor from recovering the debt and the debtors from making payment thereof;(ii)in the case of the share or deposit, the person in whose name the share or the deposit may be standing from withdrawing or transferring the share or deposit or receiving any dividend or interest thereon;(iii)in the case of the other movable property except as aforesaid, the person in possession of it from giving it over to the judgement-debtor.(2)A copy of such order shall be sent in the case of the debt to the debtor, in the case of the share or 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'.(3)As soon as the debt referred to in clause (a) of sub-rule (1) or the deposit referred to in clause (b) of that sub-rule matures, the Registrar may direct the person concerned to pay the amount to him.(4)Where the share is not withdrawable, the said Registrar shall arrange for its sale through a broker. Where the share is withdrawable, its value shall be paid to the said Registrar or to the party concerned as soon as it becomes payable.(5)In the case of other movable property referred to in clause (c) of sub-rule (1), the person concerned shall place it in the hands of the said Registrar, as soon as it-becomes deliverable to the judgement-debtor.
