§ 31-31-8 - Form and amount of security. - Rhode Island Statutes

SECTION 31-31-8

   § 31-31-8  Form and amount of security.– (a) The security required under this chapter may consist of an insurancecompany policy or bond, cash, a savings bank deposit, marketable securities, ora recorded bond with individual surety having sufficient equity in real estatewithin this state scheduled in the bond, and shall be in a form and in anamount that the division of motor vehicles may require, but in no case inexcess of the limits specified in § 31-31-7 in reference to the acceptablelimits of a policy or bond.

   (b) Every depositor of security shall designate in writingevery person in whose behalf the deposit is made, and may at any time changethe designation, but any single deposit of security shall be applicable only onbehalf of persons required to furnish security because of the accident.