Utah Code 41-12a-508. Form and amount of post-accident security
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(1) The post-accident security required under Subsection 41-12a-501(1) shall be in the form of cash, cashier’s check, a national or Utah bank’s clean and irrevocable letter of credit, or the assignment of a bank’s certificate of deposit. The department may not require a deposit in excess of the minimum single limit under Subsection 31A-22-304(2) . The person depositing security shall specify in a manner specified by the department the persons on whose behalf the deposit is made and may, at any time while the deposit is in the custody of the department or state treasurer, in a manner specified by the department amend the specification of the persons on whose behalf the deposit is made. However, a single deposit of security is applicable only on behalf of persons required to furnish security because of the same accident.
Terms Used In Utah Code 41-12a-508
- Department: means the Department of Public Safety. See Utah Code 41-12a-103
- Judgment: means any judgment that is final by:(2)(a) expiration without appeal of the time within which an appeal might have been perfected; or(2)(b) final affirmation on appeal, rendered by a court of competent jurisdiction of any state or of the United States, upon a cause of action for damages:(2)(b)(i) arising out of the ownership, maintenance, or use of any motor vehicle, including damages for care and loss of services because of bodily injury to or death of any person, or because of injury to or destruction of property including the loss of use of the property; or(2)(b)(ii) on a settlement agreement. See Utah Code 41-12a-103
- Person: means :
(24)(a) an individual;(24)(b) an association;(24)(c) an institution;(24)(d) a corporation;(24)(e) a company;(24)(f) a trust;(24)(g) a limited liability company;(24)(h) a partnership;(24)(i) a political subdivision;(24)(j) a government office, department, division, bureau, or other body of government; and(24)(k) any other organization or entity. See Utah Code 68-3-12.5- State: when applied to the different parts of the United States, includes a state, district, or territory of the United States. See Utah Code 68-3-12.5
(2) Subject to Subsection(1) , the department may alter the amount of post-accident security required if, in its judgment, the amount previously ordered is excessive or inadequate. If the security originally ordered is determined to be excessive, the excess deposited over the reduced amount ordered shall be returned to the depositor or his personal representative as soon as possible, notwithstanding the provisions of Section41-12a-509 . If the security originally ordered is determined to be inadequate, the depositor may be required to increase the deposit within 20 days or be subject to the penalties under Subsection41-12a-501(3) . - Person: means :