§ 310 Short title and declaration of purpose
§ 311 Definitions
§ 312 Registration of motor vehicles
§ 312-A Issuance and termination of liability insurance and maintenance of records
§ 313 Notice of termination
§ 314 Acceptance of financial security deposits
§ 315 Release of financial security bonds or deposits
§ 316 Self-insurers
§ 317 Expenses of administering article
§ 318 Revocation of registrations, drivers’ licenses and non-resident privileges
§ 319 Penalties
§ 320 Notice to other jurisdictions
§ 321 Exceptions

Terms Used In New York Laws > Vehicle and Traffic > Title 3 > Article 6 - Motor Vehicle Financial Security Act

  • Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
  • Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
  • Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
  • Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
  • certificate of insurance: shall mean any evidence issued by or on behalf of an insurance company duly authorized to transact business in this state, stating in such form as the commissioner may prescribe or approve that such company has issued an owner's policy of liability insurance on the motor vehicle or vehicles designated therein. See N.Y. Vehicle and Traffic Law 311
  • Contract: A legal written agreement that becomes binding when signed.
  • Conviction: A judgement of guilt against a criminal defendant.
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • 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.
  • Executor: A male person named in a will to carry out the decedent
  • financial security bond: shall mean for each motor vehicle a bond executed by the owner and by a surety company duly authorized to transact business in this state. See N.Y. Vehicle and Traffic Law 311
  • financial security deposit: shall mean for each motor vehicle the deposit with the commissioner of twenty-five thousand dollars in cash, or securities, such as may legally be purchased by savings banks or trust funds, of a market value of twenty-five thousand dollars and an additional deposit in an amount determined by the commissioner to be sufficient to satisfy the requirements of article fifty-one of the insurance law. See N.Y. Vehicle and Traffic Law 311
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • Fraud: Intentional deception resulting in injury to another.
  • Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. Source: FDIC
  • Insurance Identification Card: shall mean a card issued by or on behalf of an insurance company or bonding company duly authorized to transact business in this state, stating in such form as the commissioner may prescribe or approve that such company has issued an owner's policy of liability insurance or a financial security bond on the motor vehicle or vehicles designated therein. See N.Y. Vehicle and Traffic Law 311
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • manufactured home: means a mobile home or manufactured home as defined in section one hundred twenty-two-c of this chapter. See N.Y. Vehicle and Traffic Law 311
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • proof of financial security: shall mean proof of ability to respond in damages for liability arising out of the ownership, maintenance or use of a motor vehicle as evidenced by an owner's policy of liability insurance, a financial security bond, a financial security deposit, or qualifications as a self-insurer under section three hundred sixteen of this chapter or, in the case of a non-resident, under self-insurance provisions of the laws of the jurisdiction of such non-resident. See N.Y. Vehicle and Traffic Law 311
  • self-insurer: shall mean a person who shall have been determined by the commissioner in accordance with section three hundred sixteen to be financially responsible. See N.Y. Vehicle and Traffic Law 311
  • Service of process: The service of writs or summonses to the appropriate party.
  • 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.
  • state: when used in this article shall unless the context clearly indicates otherwise, mean any state, territory or possession of the United States, the District of Columbia or any province of the Dominion of Canada. See N.Y. Vehicle and Traffic Law 311
  • superintendent: shall mean the superintendent of financial services of this state. See N.Y. Vehicle and Traffic Law 311