Seizure and sale order—securities held by enforcement officer
2225 Seizure and sale order—securities held by enforcement officer
This rule applies if an enforcement officer seizes a cheque, bill of exchange, promissory note, bond, specialty, or another security for money, (the seized document) under a seizure and sale order.
The enforcement officer holds the seized document as security for the amount to be recovered under the seizure and sale order for the benefit of the enforcement creditor.
The enforcement officer may sue in the officer’s own name for, and recover, an amount payable under the seized document from the person liable under it.
Payment to the enforcement officer of an amount payable under the seized document discharges the person liable under the document to the extent of the payment.
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