1. Proof of financial responsibility may be evidenced by the certificate of the treasurer of state that the person named in the certificate has deposited with the treasurer of state fifty-five thousand dollars in cash, or securities which may legally be purchased by a state bank or trust funds of a market value of fifty- five thousand dollars. The treasurer of state shall promptly notify the director of transportation of the name and address of the person to whom the certificate has been issued. Upon receipt of the notification, the director of transportation shall issue to the person a security insurance card for each motor vehicle registered in this state by the person. The security insurance card shall state the name and address of the person and the registration number of the motor vehicle for which the card is issued. The treasurer of state 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; 97 Acts, ch 139, §9, 17
Referred to in § 321.1, 321A.13, 321A.18
Rules implementing 1997 amendments; 97 Acts, ch 139, § 17
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