Iowa Code 321A.25 – Certificate of deposit as proof
Current as of: 2023 | Check for updates
|
Other versions
1. Proof of financial responsibility may be evidenced by filing with the department fifty-five thousand dollars in the form of a certificate of deposit made payable to the department. The certificate of deposit shall be obtained from an Iowa financial institution in the amount of fifty-five thousand dollars plus any early withdrawal penalty fee. Upon receipt of the certificate of deposit, the department shall issue to the person a security insurance card for each motor vehicle registered in this state by the person. The security insurance card shall state the name and address of the person and the registration number of the motor vehicle for which the card is issued. The department shall not accept a certificate of deposit unless accompanied by evidence that there are no unsatisfied judgments of any character against the person in the county where the person resides.
Terms Used In Iowa Code 321A.25
- Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- Department: means the state department of transportation. See Iowa Code 321A.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 a judgment which has become final by expiration without appeal during the time within which an appeal might have been perfected, or a judgment if an appeal from the judgment has been perfected, which has not been stayed by the execution, filing, and approval of a bond as provided in rule of Iowa Code 321A.1
- Motor vehicle: means every vehicle which is self-propelled, but not including vehicles known as trackless trolleys which are propelled by electric power obtained from overhead trolley wires and not operated upon rails. See Iowa Code 321A.1
- Person: means every natural person, firm, partnership, association, or corporation. See Iowa Code 321A.1
- property: includes personal and real property. See Iowa Code 4.1
- Registration: means a registration certificate or certificates and registration plates issued under the laws of this state pertaining to the registration of motor vehicles. See Iowa Code 321A.1
- State: means any state, territory, or possession of the United States, the District of Columbia, or any province of the Dominion of Canada. See Iowa Code 321A.1
- Vehicle: means any vehicle as defined in chapter 321. See Iowa Code 321H.2
2. Such certificate of deposit shall be held by the department to satisfy, in accordance with this chapter, any execution on a judgment issued against the person filing the certificate of deposit, for damages, including damages for care and loss of services, because of bodily injury to or death of any person, or for damages because of injury to or destruction of property, including the loss of use of property, resulting from the ownership, maintenance, use, or operation of a motor vehicle after the certificate of deposit was filed. A certificate of deposit so filed shall not be subject to attachment or execution unless the attachment or execution arises out of a suit for damages as previously provided in this subsection.