§ 31-47-5 - Acceptance of financial security deposits. - Rhode-island Statutes

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SECTION 31-47-5

§ 31-47-5 Acceptance of financial securitydeposits. – (a) All moneys or securities delivered to the assistant director as a financialsecurity deposit shall be placed by the assistant director in the custody ofthe general treasurer. These assets shall be subject to execution to satisfyany judgment for damages for bodily injury or death, or injury to ordestruction of property arising out of the ownership, maintenance, use, oroperation of the motor vehicle with respect to which the deposit has beenaccepted. This deposit is subject to the same limits on amount required by thischapter for an owner's policy of liability insurance, and if the moneys orsecurities shall be otherwise subjected to attachment or any execution, thedepositor shall immediately furnish additional moneys or securities nototherwise subject to attachment or execution to meet the requirements of thischapter.

(b) The assistant director shall not accept moneys orsecurities as a financial security deposit unless accompanied by evidence thatthere are no unsatisfied judgments against the person.

State Codes and Statutes

Statutes > Rhode-island > Title-31 > Chapter-31-47 > 31-47-5

SECTION 31-47-5

§ 31-47-5 Acceptance of financial securitydeposits. – (a) All moneys or securities delivered to the assistant director as a financialsecurity deposit shall be placed by the assistant director in the custody ofthe general treasurer. These assets shall be subject to execution to satisfyany judgment for damages for bodily injury or death, or injury to ordestruction of property arising out of the ownership, maintenance, use, oroperation of the motor vehicle with respect to which the deposit has beenaccepted. This deposit is subject to the same limits on amount required by thischapter for an owner's policy of liability insurance, and if the moneys orsecurities shall be otherwise subjected to attachment or any execution, thedepositor shall immediately furnish additional moneys or securities nototherwise subject to attachment or execution to meet the requirements of thischapter.

(b) The assistant director shall not accept moneys orsecurities as a financial security deposit unless accompanied by evidence thatthere are no unsatisfied judgments against the person.

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State Codes and Statutes

Statutes > Rhode-island > Title-31 > Chapter-31-47 > 31-47-5

SECTION 31-47-5

§ 31-47-5 Acceptance of financial securitydeposits. – (a) All moneys or securities delivered to the assistant director as a financialsecurity deposit shall be placed by the assistant director in the custody ofthe general treasurer. These assets shall be subject to execution to satisfyany judgment for damages for bodily injury or death, or injury to ordestruction of property arising out of the ownership, maintenance, use, oroperation of the motor vehicle with respect to which the deposit has beenaccepted. This deposit is subject to the same limits on amount required by thischapter for an owner's policy of liability insurance, and if the moneys orsecurities shall be otherwise subjected to attachment or any execution, thedepositor shall immediately furnish additional moneys or securities nototherwise subject to attachment or execution to meet the requirements of thischapter.

(b) The assistant director shall not accept moneys orsecurities as a financial security deposit unless accompanied by evidence thatthere are no unsatisfied judgments against the person.