Sec. 10. (a) A person required to give proof of financial responsibility under this article may give proof of financial responsibility by delivering to the bureau a receipt from the treasurer of state showing a deposit with the treasurer of state of one (1) of the following:
(1) Before July 1, 2018, forty thousand dollars ($40,000) in cash or securities that may legally be purchased by savings banks. Beginning July 1, 2018, fifty thousand dollars ($50,000) in cash or securities that may legally be purchased by savings banks.
(2) Before July 1, 2018, trust funds with a market value of forty thousand dollars ($40,000). Beginning July 1, 2018, trust funds with a market value of fifty thousand dollars ($50,000).
(b) Money and securities deposited under this section are subject to execution to satisfy a judgment under this article within the limits of coverage and subject to the limits on amounts required by this chapter for motor vehicle liability policies. Money and securities deposited under this section are not subject to attachment or execution for a reason not listed under this article.
(c) The treasurer of state may not accept a deposit or issue a receipt for a deposit under this section, and the bureau may not accept a receipt for a deposit under this section, unless the person making the deposit provides evidence that there are no unsatisfied judgments against the person making the deposit registered in the office of the circuit court clerk of the county where the person making the deposit resides.
[Pre-1991 Recodification Citation: 9-2-1-24.]
As added by P.L.2-1991, SEC.13. Amended by P.L.124-2016, SEC.3; P.L.24-2017, SEC.3.
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