§ 8-21-3-16 — Deposit with treasurer giving proof of financial responsibility

Indiana § 8-21-3-16

• Jurisdiction: Indiana
• Art. 21: AERONAUTICS
• Ch. 3: Aircraft Financial Responsibility Act

Text

(a) A person may give proof of financial
responsibility by delivering to the department a receipt of the treasurer
of this state showing a deposit with said treasurer of an amount
consistent with the provisions of section 8 of this chapter in cash or of
securities such as may legally be purchased at savings banks or for trust
funds of a market value in the full amount required.
(b) All moneys or securities so deposited shall be subject to
execution to satisfy any judgment mentioned in this chapter or
settlement agreed upon, but shall not otherwise be subject to
attachment or execution.
(c) The state treasurer shall not accept any such deposit or issue a
receipt therefor, and the department shall not accept such receipt,
unless accompanied by evidence that there are no unsatisfied
judgments of record against the depositor in the county where the
depositor resides, for which he is not exempt.
Formerly: Acts 1951, c.267, s.16. As amended by Acts 1980,
P.L.74, SEC.328.