1. With respect to accidents occurring on or after January 1, 1981, and before January 1, 1983, proof of financial responsibility may be evidenced by the certificate of the state treasurer that the person named in the certificate has deposited with the treasurer forty thousand dollars in cash, or securities such as may legally be purchased by a state bank or for trust funds of a market value of forty thousand dollars; and with respect to accidents occurring on or after January 1, 1983, proof of financial responsibility may be evidenced by the certifcate of the state treasurer that the person named in the certificate has deposited with the treasurer fifty-five thousand dollars in cash, or securities such as may legally be purchased by a state bank or for trust funds of a market value of fifty-five thousand dollars. The state treasurer shall not accept a deposit and issue a certificate for it and the department shall 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.
2. Such deposit shall be held by the state treasurer to satisfy, in accordance with the provisions of this chapter, 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 or execution unless such attachment or execution shall arise out of a suit for damages as aforesaid.
[C50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, § 321A.25]
92 Acts, ch 1175, § 43
Referred to in § 321A.13, 321A.18
Iowa General Assembly
Search: Iowa Code 1995
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