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Texas Statutes (Last Updated: January 4, 2014) |
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TRANSPORTATION CODE |
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Title 7. VEHICLES AND TRAFFIC |
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Subtitle D. MOTOR VEHICLE SAFETY RESPONSIBILITY |
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Chapter 601. MOTOR VEHICLE SAFETY RESPONSIBILITY ACT |
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Subchapter E. ALTERNATIVE METHODS OF ESTABLISHING FINANCIAL RESPONSIBILITY |
Sec. 601.122. DEPOSIT OF CASH OR SECURITIES WITH COMPTROLLER
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(a) A person may establish financial responsibility by depositing $55,000 with the comptroller in:
(1) cash; or
(2) securities that:
(A) are of the type that may legally be purchased by savings banks or trust funds; and
(B) have a market value equal to the required amount.
(b) On receipt of the deposit, the comptroller shall issue to the person making the deposit a certificate stating that a deposit complying with this section has been made.
(c) The comptroller may not accept the deposit and the department may not accept the certificate unless the deposit or certificate is accompanied by evidence that an unsatisfied judgment of any character against the person making the deposit does not exist in the county in which the person making the deposit resides.
(d) The comptroller shall hold a deposit made under this section to satisfy, in accordance with this chapter, an execution on a judgment issued against the person making the deposit for damages that:
(1) result from the ownership, maintenance, use, or operation of a motor vehicle after the date the deposit was made; and
(2) are for:
(A) bodily injury to or death of any person, including damages for care and loss of services; or
(B) damage to or destruction of property, including the loss of use of the property.
(e) Money or securities deposited under this section are not subject to attachment or execution unless the attachment or execution arises out of a suit for damages described by Subsection (d).