§ 20-279.25. Money or securities as proof. - North Carolina Statutes

§20‑279.25.  Money or securities as proof.

(a)        Proof of financialresponsibility may be evidenced by the certificate of the State Treasurer thatthe person named therein has deposited with him eighty‑five thousanddollars ($85,000) in cash, or securities such as may legally be purchased bysavings banks or for trust funds of a market value of eighty‑fivethousand dollars ($85,000). The State Treasurer shall not accept any suchdeposit and issue a certificate therefor and the Commissioner shall not acceptsuch certificate unless accompanied by evidence that there are no unsatisfiedjudgments of any character against the depositor in the county where thedepositor resides.

(b)        Such deposit shallbe held by the State Treasurer to satisfy, in accordance with the provisions ofthis Article, any execution on a judgment issued against such person making thedeposit for damages, including damages for care and loss of services because ofbodily injury to or death of any person, or for damages because of injury to ordestruction of property, including the loss of use thereof, resulting from theownership, maintenance, use or operation of a motor vehicle after such depositwas made. Money or securities so deposited shall not be subject to attachment,garnishment, or execution unless such attachment, garnishment, or executionshall arise out of a suit for damages as aforesaid. (1953, c. 1300, s. 25; 1965,c. 358, s. 1; 1967, c. 277, s. 5; 1973, c. 745, s. 5; 1979, c. 832, s. 8; 1991,c. 469, s. 8; 1999‑228, s. 5.)