N.Y. VAT. LAW § 350 : NY Code - Section 350: Money or securities deposited as proof of financial responsibility

Search N.Y. VAT. LAW § 350 : NY Code - Section 350: Money or securities deposited as proof of financial responsibility

(a) A person may give proof of financial  responsibility
  by  delivering to the commissioner one hundred fifty thousand dollars in
  cash, or securities, such as may legally be purchased by  savings  banks
  or  for  trust  funds,  of  a market value of one hundred fifty thousand
  dollars.
    (b) All money or securities so delivered to the commissioner 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  mentioned  in  this  article within the limits of coverage and
  subject to the limits on amounts required  by  this  article  for  motor
  vehicle  liability  policies,  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
  subjected to attachment or execution, to meet the requirements  of  this
  section.
    (c)  The commissioner shall not accept such money or securities 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.