§ 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.