Sec. 15-110. Form and amount of security.
Sec. 15-110. Form and amount of security. (a) The security required under this
chapter shall be cash or securities permissible under state law as security for deposit of
state funds and in such amount as the commissioner may require but in no case in excess
of the limits specified in section 15-106 in reference to the limits of a policy or bond.
If at the time of the accident there is in effect a liability policy or a bond meeting the
requisites of this chapter other than amount of coverage set forth in section 15-106, the
commissioner may consider such policy or bond in fixing the amount of security. 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 State
Treasurer, the person depositing it may, upon approval of the commissioner, amend in
writing the specification of the person or persons on whose behalf the deposit is made
to include an additional person or persons; provided a single deposit of security shall
be applicable only on behalf of persons required to furnish security because of the same
accident. Interest and other income upon securities deposited as herein provided shall
be paid or inure to the benefit of the person making the deposit.
(b) Upon ten days' notification of the parties concerned, the commissioner may
reduce or, within the limits specified in sections 15-106, increase the amount of security
ordered in any case if in his discretion the amount ordered is excessive or insufficient.
In case the security originally ordered has been deposited, the excess shall be returned
to the depositor notwithstanding the provisions of section 15-111. Substitution of security shall be permitted.
(1959, P.A. 488, S. 9; 1969, P.A. 768, S. 201.)
History: 1969 act replaced "department", i.e. aeronautics department, with "commissioner", i.e. commissioner of transportation.