1.    Proof of financial responsibility may be evidenced by the certificate of the Bank of North Dakota that the person named therein has deposited with it twenty-five thousand dollars in cash, or securities such as may legally be purchased by savings banks or for trust funds of a market value of twenty-five thousand dollars. The Bank of North Dakota may not accept any such deposit and issue a certificate therefor and the director may not accept such certificate unless accompanied by evidence that there are no unsatisfied judgments of any character against the depositor in the county where the depositor resides.

2.    Such deposit must be held by the Bank of North Dakota to satisfy, in accordance with the provisions of this chapter, any execution on a judgment issued against such person making the 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 damages to or destruction of property, including the loss of use thereof, resulting from the ownership, maintenance, use, or operation of a motor vehicle after such deposit was made. Money or securities so deposited are not subject to attachment or execution unless such attachment or execution arises out of a suit for damages as aforesaid.