(a)  All moneys or securities delivered to the assistant director as a financial security deposit shall be placed by the assistant director in the custody of the general treasurer. These assets shall be subject to execution to satisfy any judgment for damages for bodily injury or death, or injury to or destruction of property arising out of the ownership, maintenance, use, or operation of the motor vehicle with respect to which the deposit has been accepted. This deposit is subject to the same limits on amount required by this chapter for an owner‘s policy of liability insurance, and if the moneys or securities shall be otherwise subjected to attachment or any execution, the depositor shall immediately furnish additional moneys or securities not otherwise subject to attachment or execution to meet the requirements of this chapter.

lawyer at desk

Ask a traffic law question, get an answer ASAP!
Thousands of highly rated, verified traffic lawyers.
Parking violations, accidents, DUI/DWI, licensing, registration, and more
Protect your vehicle and your rights with expert legal help now
Click here to chat with a lawyer about your rights.

Terms Used In Rhode Island General Laws 31-47-5

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • Financial security deposit: means for each motor vehicle the deposit with the assistant director of seventy-five thousand dollars ($75,000) in cash or securities, such as may legally be purchased by savings banks or trust funds, of a market value of seventy-five thousand dollars ($75,000). See Rhode Island General Laws 31-47-2
  • Motor vehicle: means every vehicle required to display registration plates for operation upon public highways of this state. See Rhode Island General Laws 31-47-2
  • Owner: means a person who holds the legal title of a motor vehicle. See Rhode Island General Laws 31-47-2
  • Person: includes every natural person, firm, partnership, association, or corporation. See Rhode Island General Laws 31-47-2

(b)  The assistant director shall not accept moneys or securities as a financial security deposit unless accompanied by evidence that there are no unsatisfied judgments against the person.

History of Section.
P.L. 1991, ch. 167, § 1.