§ 9-25-4-10 — Deposits with treasurer of state as proof of financial responsibility; grounds for and amount of limitations on execution; proof of absence of unsatisfied judgments

Indiana § 9-25-4-10

• Jurisdiction: Indiana
• Title 9: MOTOR VEHICLES
• Art. 25: FINANCIAL RESPONSIBILITY

Text

(a) A person required to give proof of
financial responsibility under this article may give proof of financial
responsibility by delivering to the bureau a receipt from the treasurer
of state showing a deposit with the treasurer of state of one (1) of the
following:
(1) Before July 1, 2018, forty thousand dollars ($40,000) in cash
or securities that may legally be purchased by savings banks.
Beginning July 1, 2018, fifty thousand dollars ($50,000) in cash
or securities that may legally be purchased by savings banks.
(2) Before July 1, 2018, trust funds with a market value of forty
thousand dollars ($40,000). Beginning July 1, 2018, trust funds
with a market value of fifty thousand dollars ($50,000).
(b) Money and securities deposited under this section are subject to
execution to satisfy a judgment under this article within the limits of
coverage and subject to the limits on amounts required by this chapter
for motor vehicle liability policies. Money and securities deposited
under this section are not subject to attachment or execution for a
reason not listed under this article.
(c) The treasurer of state may not accept a deposit or issue a receipt
for a deposit under this section, and the bureau may not accept a receipt
for a deposit under this section, unless the person making the deposit
provides evidence that there are no unsatisfied judgments against the
person making the deposit registered in the office of the circuit court
clerk of the county where the person making the deposit resides.
[Pre-1991 Recodification Citation: 9-2-1-24.]

Legislative History

As added by P.L.2-1991, SEC.13. Amended by P.L.124-2016, SEC.3; P.L.24-2017, SEC.3.