N.Y. Vehicle & Traffic Law Section 350
Money or securities deposited as proof of financial responsibility

(a)

A person may give proof of financial responsibility by delivering to the commissioner one hundred fifty thousand dollars in cash, or securities, such as may legally be purchased by savings banks or for trust funds, of a market value of one hundred fifty thousand dollars.

(b)

All money or securities so delivered to the commissioner shall be placed by the commissioner in the custody of the commissioner of taxation and finance and shall be subject to execution to satisfy any judgment mentioned in this article within the limits of coverage and subject to the limits on amounts required by this article for motor vehicle liability policies, and if such moneys or securities shall be otherwise subjected to attachment or any execution, the depositor shall immediately furnish such additional moneys or securities, not otherwise subjected to attachment or execution, to meet the requirements of this section.

(c)

The commissioner shall not accept such money or securities unless accompanied by evidence that there are no unsatisfied judgments against such person registered in the office of the county clerk of the county where such person resides.

Source: Section 350 — Money or securities deposited as proof of financial responsibility, https://www.­nysenate.­gov/legislation/laws/VAT/350 (updated Sep. 22, 2014; accessed Oct. 26, 2024).

330
Commissioner to administer article 331
Proof required upon certain convictions 332
Proof required in the event of certain judgments 333
Payments sufficient to satisfy requirements of this article 334
Suspension waived upon payment of judgment in installments 335
Security and proof required following accident 336
Duty of courts to report judgments 337
Suspension, duration 338
Application to non-resident, other persons 339
Owner may give proof for chauffeur or member of family 340
Surrender of license and evidences of registration 341
Amount of proof required 342
Alternate methods of giving proof 343
Proof of financial responsibility by certificate showing motor vehicle liability policy obtained 344
Certificate furnished by non-resident 345
Motor vehicle liability policy 346
Proof of financial responsibility not required after February first, nineteen hundred fifty-seven 348
Article not to affect other policies 349
Filing a bond as proof of financial responsibility 350
Money or securities deposited as proof of financial responsibility 351
Person having given proof may substitute other proof 352
If proof fails commissioner may require other proof 353
When commissioner may release proof 354
Commissioner to furnish operating record 355
Operating without giving proof when proof required 356
Forging or without authority signing proof of financial responsibility 357
Failing to report convictions and judgments 358
Otherwise violating article 359
Definitions 360
Exceptions 361
Self-insurers 362
Article not to repeal other motor vehicle laws 363
Expenses of administering article 364
Uniformity of interpretation 365
Short title 366
Past application of article 367
This article does not prevent other process 368
Constitutionality
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Accessed:
Oct. 26, 2024

Last modified:
Sep. 22, 2014

§ 350’s source at nysenate​.gov

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