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This entry was published on 2014-09-22
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SECTION 314
Acceptance of financial security deposits
Vehicle & Traffic (VAT) CHAPTER 71, TITLE 3, ARTICLE 6
§ 314. Acceptance of financial security deposits. 1. All moneys or
securities delivered to the commissioner as a financial security deposit
shall be placed by the commissioner in the custody of the commissioner
of taxation and finance and shall be subject to execution to satisfy any
judgment for damages for bodily injury or death, or injury to or
destruction of property, arising out of the ownership, maintenance, use
or operation of the motor vehicle with respect to which the deposit has
been accepted, and subject to the same limits on amounts required by
this article for an owner's policy of liability insurance, and if such
moneys or securities shall be otherwise subjected to attachment or any
execution, the depositor shall immediately furnish such additional
moneys or securities, not otherwise subject to attachment or execution,
to meet the requirements of this article.

2. The commissioner shall not accept such moneys or securities as a
financial security deposit unless accompanied by evidence that there are
no unsatisfied judgments against such person registered in the office of
the county clerk of the county where such person resides.