§ 31-47-5. Acceptance of financial security deposits.
(a) All moneys or securities delivered to the assistant director as a financial security deposit shall be placed by the assistant director in the custody of the general treasurer. These assets shall be subject to execution to satisfy any judgment for damages for bodily injury or death, or injury to or destruction of property arising out of the ownership, maintenance, use, or operation of the motor vehicle with respect to which the deposit has been accepted. This deposit is subject to the same limits on amount required by this chapter for an owner’s policy of liability insurance, and if the moneys or securities shall be otherwise subjected to attachment or any execution, the depositor shall immediately furnish additional moneys or securities not otherwise subject to attachment or execution to meet the requirements of this chapter.
(b) The assistant director shall not accept moneys or securities as a financial security deposit unless accompanied by evidence that there are no unsatisfied judgments against the person.
History of Section.P.L. 1991, ch. 167, § 1.
Structure Rhode Island General Laws
Title 31 - Motor and Other Vehicles
Chapter 31-47 - Motor Vehicle Reparations Act
Section 31-47-1. - Short title and declaration of purpose.
Section 31-47-1.1. - Legislative findings and intent.
Section 31-47-1.2. - Subpoena.
Section 31-47-2. - Definitions.
Section 31-47-3. - Regulations authorized — Access to court and agency records.
Section 31-47-3.1. - Registration application.
Section 31-47-4. - Notice of termination.
Section 31-47-5. - Acceptance of financial security deposits.
Section 31-47-6. - Release of financial security bonds or deposits.
Section 31-47-7. - Self-insurers.
Section 31-47-8. - [Repealed.]
Section 31-47-8.1. - [Repealed.]
Section 31-47-9.1. - Penalties — Illegal evidence of financial security.
Section 31-47-10. - [Repealed.]
Section 31-47-11. - Reinstatement of suspended license or registration.
Section 31-47-12.1. - Right to choose auto body repair facility.
Section 31-47-13. - Insurers and sureties.
Section 31-47-14. - Notice to other jurisdictions.
Section 31-47-15. - Exceptions.
Section 31-47-15.1. - Exception for seasonal vehicles.
Section 31-47-15.2. - Exception — Vehicles owned by active duty military personnel.
Section 31-47-16. - Assigned risk plans.
Section 31-47-17. - Insurance companies.