Proof of financial responsibility may be evidenced by the certificate of the State Treasurer that the person named therein has deposited with him thirty-five thousand dollars in cash or securities such as may legally be purchased by savings banks or for trust funds of a market value of thirty-five thousand dollars. The State Treasurer may not accept the deposit and issue a certificate therefor and the Department of Motor Vehicles may not accept the certificate unless accompanied by evidence that there are no unsatisfied judgments of any character against the depositor in the county where the depositor resides.
The deposit must be held by the State Treasurer to satisfy, in accordance with the provisions of this chapter, any execution on a judgment issued against the person making the deposit for damages, including damage for care and loss of service, 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 the deposit was made. Money or securities deposited are not subject to attachment or execution unless the attachment or execution arises out of a suit for damages which this chapter covers.
HISTORY: 1962 Code Section 46-750.1; 1952 (47) 1853; 1960 (51) 1584; 1977 Act No. 80 Section 4; 1987 Act No. 155, Section 8.
Structure South Carolina Code of Laws
Chapter 9 - Motor Vehicle Financial Responsibility Act
Section 56-9-30. Chapter inapplicable to certain motor vehicles.
Section 56-9-40. Rights of conditional vendors, chattel mortgagees, or lessors not affected.
Section 56-9-50. Sale of vehicle when registration suspended not affected.
Section 56-9-60. Self-insurers for motor vehicles; determination of financial responsibility.
Section 56-9-80. General penalties for violations of chapter.
Section 56-9-90. Chapter as no bar to other remedies.
Section 56-9-100. Chapter is supplemental and cumulative.
Section 56-9-120. Construction.
Section 56-9-340. Surrender of license and registration; failure to surrender.
Section 56-9-353. Type and terms of policy or bond.
Section 56-9-358. Limit on security required; deposit.
Section 56-9-359. Reduction of amount of security.
Section 56-9-410. Courts shall report nonpayment of judgments to Department of Motor Vehicles.
Section 56-9-420. Report to home state of nonpayment of judgment against nonresident.
Section 56-9-460. Permitting driver subject to suspension to operate vehicle of employer.
Section 56-9-480. Satisfaction of judgments; payments sufficient to satisfy requirements.
Section 56-9-490. Installment payment of judgment; effect of default.
Section 56-9-540. Methods of proving financial responsibility.
Section 56-9-550. Certificate or notice of insurance as proof; contents, terms, and cancellation.
Section 56-9-590. Owner may give proof for employee or member of household; restrictions on license.
Section 56-9-600. Substitution of other adequate proof.
Section 56-9-610. Other proof may be required; suspension pending filing of proof.
Section 56-9-620. Cancellation or return of proof; waiver of requirements of filing proof.
Section 56-9-630. Re-establishment of cancelled or returned proof.