321A.9 - FORM AND AMOUNT OF SECURITY. - Iowa Statutes

321A.9 FORM AND AMOUNT OF SECURITY. 1. The security required under sections 321A.4 to 321A.11 shall be in such form and in such amount as the department may require but in no case in excess of the limits specified in section 321A.5 in reference to the acceptable limits of a policy or bond. 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 department 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; provided, however, that a single deposit of security shall be applicable only on behalf of persons required to furnish security because of the same accident. 2. The department may reduce the amount of security ordered in any case within six months after the date of the accident if, in the department's 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 the depositor's personal representative forthwith, notwithstanding the provisions of section 321A.10.          Section History: Early Form [C50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, § 321A.9]          Section History: Recent Form 92 Acts, ch 1175, § 43 Referred to in § 321A.2, 321A.8, 321A.10, 321A.11