(1) A person may give proof of financial responsibility by delivering to the director money in an amount or securities approved by said director and of a market value in a total amount as would be required for coverage in a motor vehicle liability policy furnished by the person giving such proof under this article. Such securities shall be of a type which may legally be purchased by savings banks or for trust funds.
(2) All money or securities so deposited shall be subject to execution to satisfy any judgment mentioned in this article but shall not otherwise be subject to attachment or execution.
Source: L. 94: Entire title amended with relocations, p. 2487, § 1, effective January 1, 1995.
Cross references: For permitted investments by savings and loan association, see § 11- 41-114; for fiduciary investments, see part 3 of article 1 of title 15.
Notes of Decisions
Cited in
6
cases, 1982–2008 · leading case:
People v. Revello, 735 P.2d 487 (Colo. 1987).
People v. Revello, 735 P.2d 487 (Colo. 1987).
· cites it 4× “shall the director at the termination of such person’s period of suspension reinstate, reissue, renew, or issue a new license to such person unless such person furnishes the director a statement in writing under oath evidencing that he is then insured under an automobile…”
Zelenoy v. Colorado Dep't of Revenue, Motor Veh. Div., 192 P.3d 538 (Colo. Ct. App. 2008).
· cites it 2× “inancial responsibility for the future: (1) (a) Proof of financial responsibility for the future, when required under this article, may be given by the following methods: (I) Proof that a policy of liability insurance has been obtained and is in full force and effect or that a…”
Colorado Dep't of Revenue, Motor Veh. Div. v. Smith, 640 P.2d 1143 (Colo. 1982).
· cites it 2× “hall the director at the termination of such person’s period of suspension reinstate,- reissue, renew, or issue a new license to such person unless such person furnishes the director a statement in writing under oath evidencing that he is then insured under an automobile…”
Mid-Century Ins. Co. v. Heritage Drug, Ltd., 3 P.3d 461 (Colo. Ct. App. 1999).
· cites it 4× “Section 42-7-418(1)(b) provides that: The policy of liability insurance shall insure the person named therein and any other person using or responsible for the use of said motor vehicle with the express or implied permission of said insured.”
Canal Ins. Co. v. Nix, 7 P.3d 1038 (Colo. Ct. App. 1999).
· cites it 2× “Nor do we agree with Nix that the existence of an employee exclusion in § 42-7-418(8), C.R.S.1999, of the Motor Vehicle Financial Responsibility Act suggests that the General Assembly intended no such exclusion in the No-Fault Act.”
Colo. Rev. Stat. § 42-7-418(1)(b): 1 case
Mid-Century Ins. Co. v. Heritage Drug, Ltd., 3 P.3d 461 (Colo. Ct. App. 1999).
“Section 42-7-418(1)(b) provides that: The policy of liability insurance shall insure the person named therein and any other person using or responsible for the use of said motor vehicle with the express or implied permission of said insured.”
Colo. Rev. Stat. § 42-7-418(1)(c): 1 case
Colo. Rev. Stat. § 42-7-418(8): 1 case
Canal Ins. Co. v. Nix, 7 P.3d 1038 (Colo. Ct. App. 1999).
“Nor do we agree with Nix that the existence of an employee exclusion in § 42-7-418(8), C.R.S.1999, of the Motor Vehicle Financial Responsibility Act suggests that the General Assembly intended no such exclusion in the No-Fault Act.”
Annotations are extracted automatically from the opinions in the
Syfert caselaw corpus and ranked by authority, recency, and
treatment. Dots show Syfertize treatment of the citing case itself.