303.050. Security, form and amount--reduced, when. - Missouri Statutes

Security, form and amount--reduced, when.

303.050. 1. The security required under this chapter shallbe in such form and in such amount as the director may requirebut in no case in excess of the limits specified in section303.030 in reference to the acceptable limits of a policy orbond. The person depositing security shall specify in writingthe person or persons on whose behalf the deposit is made and, atany time while such deposit is in the custody of the director orstate treasurer, the person depositing it may, in writing, amendthe specification of the person or persons on whose behalf thedeposit is made to include an additional person or persons;provided, however, that a single deposit of security shall beapplicable only on behalf of persons required to furnish securitybecause of the same accident.

2. The director may reduce the amount of security ordered inany case within one year after the date security was firstrequired if, in his judgment, the amount ordered is excessive.In case the security originally ordered has been deposited, theexcess deposited over the reduced amount ordered shall bereturned to the depositor or his personal representativeforthwith, notwithstanding the provisions of section 303.060.

(L. 1953 p. 569 § 303.090, A.L. 1986 S.B. 424)

Effective 7-1-87