New York § 314 Acceptance of financial security deposits

New York Statutes

§ 314 — Acceptance of financial security deposits

New York § 314

Law VATVehicle & Traffic

Title 3Safety Responsibility; Financial Security; Equipment; Inspection; Size and Weight; and Other Provisions

Art. 6Motor Vehicle Financial Security Act

This text of New York § 314 (Acceptance of financial security deposits) is published on Counsel Stack Legal Research, covering New York primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.Y. Vehicle & Traffic § 314 (2026).

Text

§ 314. Acceptance of financial security deposits.

1.All moneys or\nsecurities delivered to the commissioner as a financial security deposit\nshall be placed by the commissioner in the custody of the commissioner\nof taxation and finance and shall be subject to execution to satisfy any\njudgment for damages for bodily injury or death, or injury to or\ndestruction of property, arising out of the ownership, maintenance, use\nor operation of the motor vehicle with respect to which the deposit has\nbeen accepted, and subject to the same limits on amounts required by\nthis article for an owner's policy of liability insurance, and if such\nmoneys or securities shall be otherwise subjected to attachment or any\nexecution, the depositor shall immediately furnish such additional\nmoneys or securi

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§ 314. Acceptance of financial security deposits. 1. All moneys or\nsecurities delivered to the commissioner as a financial security deposit\nshall be placed by the commissioner in the custody of the commissioner\nof taxation and finance and shall be subject to execution to satisfy any\njudgment for damages for bodily injury or death, or injury to or\ndestruction of property, arising out of the ownership, maintenance, use\nor operation of the motor vehicle with respect to which the deposit has\nbeen accepted, and subject to the same limits on amounts required by\nthis article for an owner's policy of liability insurance, and if such\nmoneys or securities shall be otherwise subjected to attachment or any\nexecution, the depositor shall immediately furnish such additional\nmoneys or securities, not otherwise subject to attachment or execution,\nto meet the requirements of this article.\n 2. The commissioner shall not accept such moneys or securities as a\nfinancial security deposit unless accompanied by evidence that there are\nno unsatisfied judgments against such person registered in the office of\nthe county clerk of the county where such person resides.\n