N.Y. VAT. LAW § 314 : NY Code - Section 314: Acceptance of financial security deposits

Search N.Y. VAT. LAW § 314 : NY Code - Section 314: Acceptance of financial security deposits

1. All moneys or
  securities delivered to the commissioner as a financial security deposit
  shall be placed by the commissioner in the custody of  the  commissioner
  of taxation and finance and shall be subject to execution to satisfy any
  judgment  for  damages  for  bodily  injury  or  death,  or injury to or
  destruction of property, arising out of the ownership, maintenance,  use
  or  operation of the motor vehicle with respect to which the deposit has
  been accepted, and subject to the same limits  on  amounts  required  by
  this  article  for an owner's policy of liability insurance, and if such
  moneys or securities shall be otherwise subjected to attachment  or  any
  execution,  the  depositor  shall  immediately  furnish  such additional
  moneys or securities, not otherwise subject to attachment or  execution,
  to meet the requirements of this article.
    2.  The  commissioner  shall not accept such moneys or securities as a
  financial security deposit unless accompanied by evidence that there are
  no unsatisfied judgments against such person registered in the office of
  the county clerk of the county where such person resides.