§ 20-279.9. Form and amount of security. - North Carolina Statutes

§ 20‑279.9.  Form andamount of security.

The security required underthis Article shall be in such form and in such amount as the Commissioner mayrequire but in no case in excess of the limits specified in G.S. 20‑279.5in reference to the acceptable limits of a policy or bond. The persondepositing security  shall specify in writing the person or persons on whosebehalf the deposit is made and, at any time while such deposit is in thecustody  of the Commissioner or State Treasurer, the person depositing it may,in writing, amend the specification of the person or persons on whose behalfthe deposit is made to include an additional person or persons; provided,however, that a single deposit of security shall be applicable only on behalfof persons required to furnish security because of the same accident.

The Commissioner may reducethe amount of security ordered in any case if, in his judgment, the amountordered is excessive. In case the security originally ordered has beendeposited the excess deposited over the reduced amount ordered shall bereturned to the depositor or his personal representative forthwith,notwithstanding the provisions of G.S. 20‑279.10. (1953,c. 1300, s. 9.)