Indiana Code 9-25-4-10. Deposits with treasurer of state as proof of financial responsibility; grounds for and amount of limitations on execution; proof of absence of unsatisfied judgments
(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.
Terms Used In Indiana Code 9-25-4-10
- Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
- Clerk: means the clerk of the court or a person authorized to perform the clerk's duties. See Indiana Code 1-1-4-5
- 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.
- Judgment: means all final orders, decrees, and determinations in an action and all orders upon which executions may issue. See Indiana Code 1-1-4-5
(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.