N.Y. Vehicle and Traffic Law 315 – Release of financial security bonds or deposits
§ 315. Release of financial security bonds or deposits. 1. The commissioner, upon the surrender of the registration and number plates for a motor vehicle for which a financial security bond or deposit was accepted by the commissioner, shall permit the cancellation of any such bond or shall direct that any such deposit be returned by the commissioner of taxation and finance. The commissioner shall not release such bond or deposit in the event any action for damages upon a liability referred to in this article is then pending or any judgment upon any such liability then outstanding and unsatisfied, or in the event the commissioner has received notice that such person has within the period of three months immediately preceding been involved as a driver in any motor vehicle accident. An affidavit of the applicant of non-existence of such facts shall be sufficient evidence thereof in the absence of evidence to the contrary in the records of the bureau.
Terms Used In N.Y. Vehicle and Traffic Law 315
- Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
- 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 bond: shall mean for each motor vehicle a bond executed by the owner and by a surety company duly authorized to transact business in this state. See N.Y. Vehicle and Traffic Law 311
- proof of financial security: shall mean proof of ability to respond in damages for liability arising out of the ownership, maintenance or use of a motor vehicle as evidenced by an owner's policy of liability insurance, a financial security bond, a financial security deposit, or qualifications as a self-insurer under section three hundred sixteen of this chapter or, in the case of a non-resident, under self-insurance provisions of the laws of the jurisdiction of such non-resident. See N.Y. Vehicle and Traffic Law 311
2. The commissioner, subject to such reasonable regulations as he may establish shall permit the form of proof of financial security acceptable under this article to be substituted for another form of proof of financial security which may already have been accepted by the commissioner as complying with the provisions of this article.