20-279.25. Money or securities as proof.
(a) Proof of financial responsibility may be evidenced by the certificate of the State Treasurer that the person named therein has deposited with him eighty-five thousand dollars ($85,000) in cash, or securities such as may legally be purchased by savings banks or for trust funds of a market value of eighty-five thousand dollars ($85,000). The State Treasurer shall not accept any such deposit and issue a certificate therefor and the Commissioner shall not accept such certificate unless accompanied by evidence that there are no unsatisfied judgments of any character against the depositor in the county where the depositor resides.
(b) Such deposit shall be held by the State Treasurer to satisfy, in accordance with the provisions of this Article, any execution on a judgment issued against such person making the deposit for damages, including damages for care and loss of services because of bodily injury to or death of any person, or for damages because of injury to or destruction of property, including the loss of use thereof, resulting from the ownership, maintenance, use or operation of a motor vehicle after such deposit was made. Money or securities so deposited shall not be subject to attachment, garnishment, or execution unless such attachment, garnishment, or execution shall arise out of a suit for damages as aforesaid. (1953, c. 1300, s. 25; 1965, c. 358, s. 1; 1967, c. 277, s. 5; 1973, c. 745, s. 5; 1979, c. 832, s. 8; 1991, c. 469, s. 8; 1999-228, s. 5.)
Structure North Carolina General Statutes
North Carolina General Statutes
Article 9A - Motor Vehicle Safety and Financial Responsibility Act of 1953.
§ 20-279.2 - Commissioners to administer Article; appeal to court.
§ 20-279.3 - Commissioner to furnish operating record.
§ 20-279.6 - Further exceptions to requirement of security.
§ 20-279.7 - Duration of suspension.
§ 20-279.7A - Forms to carry statement concerning perjury.
§ 20-279.9 - Form and amount of security.
§ 20-279.10 - Custody, disposition and return of security; escheat.
§ 20-279.11 - Matters not to be evidence in civil suits.
§ 20-279.12 - Courts to report nonpayment of judgments.
§ 20-279.13 - Suspension for nonpayment of judgment; exceptions.
§ 20-279.14 - Suspension to continue until judgments satisfied.
§ 20-279.15 - Payment sufficient to satisfy requirements.
§ 20-279.16 - Installment payment of judgments; default.
§ 20-279.18 - Alternate methods of giving proof.
§ 20-279.19 - Certificate of insurance as proof.
§ 20-279.20 - Certificate furnished by nonresident as proof.
§ 20-279.21 - "Motor vehicle liability policy" defined.
§ 20-279.22 - Notice of cancellation or termination of certified policy.
§ 20-279.23 - Article not to affect other policies.
§ 20-279.25 - Money or securities as proof.
§ 20-279.26 - Owner may give proof for others.
§ 20-279.27 - Substitution of proof.
§ 20-279.28 - Other proof may be required.
§ 20-279.29 - Duration of proof; when proof may be canceled or returned.
§ 20-279.30 - Surrender of license.
§ 20-279.31 - Other violations; penalties.
§ 20-279.32A - Exception of school bus drivers.
§ 20-279.33A - Religious organizations; self-insurance.
§ 20-279.35 - Supplemental to motor vehicle laws; repeal of laws in conflict.
§ 20-279.36 - Past application of Article.
§ 20-279.37 - Article not to prevent other process.