Sec. 16. (a) A person may give proof of financial responsibility by delivering to the department a receipt of the treasurer of this state showing a deposit with said treasurer of an amount consistent with the provisions of section 8 of this chapter in cash or of securities such as may legally be purchased at savings banks or for trust funds of a market value in the full amount required.

     (b) All moneys or securities so deposited shall be subject to execution to satisfy any judgment mentioned in this chapter or settlement agreed upon, but shall not otherwise be subject to attachment or execution.

Terms Used In Indiana Code 8-21-3-16

  • Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
  • Department: refers to the Indiana department of transportation; and "state" or "this state" means the state of Indiana. See Indiana Code 8-21-3-1
  • 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.
  • Judgment: means any judgment, except a judgment rendered against this state or any political subdivision of this state or any municipality in this state, which shall have become final by expiration without appeal of the time within which appeal might have been perfected, or by final affirmation on appeal, rendered by a court of competent jurisdiction of any state or of the United States. See Indiana Code 8-21-3-1
  • Person: means any individual, firm, partnership, corporation, company, limited liability company, association, joint stock association, or body politic; and includes any trustee, receiver, assignee, or other similar representative of an entity described in this subdivision. See Indiana Code 8-21-3-1
  • Proof of financial responsibility: has the meaning set forth in section 8 of this chapter. See Indiana Code 8-21-3-1
  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
  • this state: means the state of Indiana. See Indiana Code 8-21-3-1
     (c) The state treasurer shall not accept any such deposit or issue a receipt therefor, and the department shall not accept such receipt, unless accompanied by evidence that there are no unsatisfied judgments of record against the depositor in the county where the depositor resides, for which he is not exempt.

Formerly: Acts 1951, c.267, s.16. As amended by Acts 1980, P.L.74, SEC.328.

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