Louisiana Revised Statutes 32:876 – Form and amount of security
Terms Used In Louisiana Revised Statutes 32:876
- Commissioner: means the Department of Public Safety and Corrections. See Louisiana Revised Statutes 32:851
- Judgment: means any judgment which shall have become final by expiration without appeal of the time within which a suspensive 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, upon a cause of action arising out of the ownership, maintenance, or use of any motor vehicle, 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 thereof, or upon a cause of action on an agreement of settlement for such damages. See Louisiana Revised Statutes 32:851
- Person: means every natural person, firm, co-partnership, association, or corporation. See Louisiana Revised Statutes 32:851
- State: means any state, territory, or possession of the United States, the District of Columbia, or any province of the Dominion of Canada. See Louisiana Revised Statutes 32:851
A. The security required under this Part shall be in such form and in such amount as the commissioner may require but in no case in excess of the limits specified in La. Rev. Stat. 32:872 in reference to the acceptable limits of a policy. The person depositing security shall specify in writing the person or persons on whose behalf the deposit is made, and at any time while such deposit is in the custody of the commissioner or state treasurer, the person depositing it may in writing amend the specification of the person or persons on whose behalf the deposit is made to include an additional person or persons; however, any single deposit of security shall be applicable only on behalf of persons required to furnish security because of the same accident.
B. The commissioner may reduce the amount of security ordered in any case if, in his judgment, the amount ordered is excessive. In case the security originally ordered has been deposited, the excess deposited over the reduced amount ordered shall be returned to the depositor or his personal representative forthwith, notwithstanding the provisions of La. Rev. Stat. 32:877.
Acts 1952, No. 52 §9. Amended by Acts 1978, No. 308, §2; Acts 2001, No. 456, §1.