N.Y. Vehicle & Traffic Law § 314: Acceptance of financial security deposits

§ 314. Acceptance of financial security deposits. 1. All moneys or

securities delivered to the commissioner as a financial security deposit

shall be placed by the commissioner in the custody of the commissioner

of taxation and finance and 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, and subject to the same limits on amounts required by

this article for an owner's policy of liability insurance, and if such

moneys or securities shall be otherwise subjected to attachment or any

execution, the depositor shall immediately furnish such additional

moneys or securities, not otherwise subject to attachment or execution,

to meet the requirements of this article.

2. The commissioner shall not accept such moneys or securities as a

financial security deposit unless accompanied by evidence that there are

no unsatisfied judgments against such person registered in the office of

the county clerk of the county where such person resides.