N.Y. Vehicle & Traffic Law § 350: Money or securities deposited as proof of financial responsibility

§ 350. Money or securities deposited as proof of financial

responsibility. (a) A person may give proof of financial responsibility

by delivering to the commissioner one hundred fifty thousand dollars in

cash, or securities, such as may legally be purchased by savings banks

or for trust funds, of a market value of one hundred fifty thousand

dollars.

(b) All money or securities so delivered to the commissioner 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 mentioned in this article within the limits of coverage and

subject to the limits on amounts required by this article for motor

vehicle liability policies, 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

subjected to attachment or execution, to meet the requirements of this

section.

(c) The commissioner shall not accept such money or securities 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.