(a) All obligations owed by the garnishee to the defendant at the time of service of the summons of garnishment upon the garnishee and all obligations accruing from the garnishee to the defendant throughout the garnishment period shall be subject to the process of garnishment. No payment made by the garnishee to the defendant or on his or her behalf, or by any arrangement between the defendant and the garnishee, after the date of service of the summons of garnishment upon the garnishee shall defeat the lien of such garnishment.

(b) All money or other property of the defendant in the possession or control of the garnishee at the time of service of the summons of garnishment upon the garnishee or coming into the possession or control of the garnishee throughout the garnishment period shall be subject to the process of garnishment, provided that, in the case of collateral securities in the hands of a creditor, such securities shall not be subject to garnishment so long as there is an amount owed on the debt for which the securities were given as collateral.

(c) The garnishment period shall begin on the day of service of the summons of garnishment and, for:

(1) A continuing garnishment, shall include the next 179 days;

(2) Garnishments, other than a continuing garnishment or continuing garnishment for support, served on a financial institution, shall include the next five days;

(3) A continuing garnishment for support, shall remain for so long as the defendant is employed by the garnishee and shall not terminate until the original arrearage is retired; and

(4) All other garnishments, shall include the next 29 days.