U. S. Industries, Inc., a Corporation, and Diversacon Industries, Inc., a Corporation v. F. Browne Gregg

OPINION OF THE COURT

ALDISERT, Circuit Judge.

Unlike 49 other states that enacted the Uniform Commercial Code, Delaware did not enact § 8-317(1) 1 which requires the actual seizure of stock certificates to effect a valid attachment or levy upon an interest in corporate stock. Rather, Delaware continued in force § 169 2 of its General Corporation Law which provides that the situs of ownership of stock in a Delaware corporation is Delaware — regardless of the actual location of the stock certificates. In contrast to the Uniform Commercial Code procedure, Delaware nonresident sequestration 3…