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Statutes » New York » VAT Law » Title 3

N.Y. VAT Law § 350

This is the official text of N.Y. VAT Law § 350, part of New York’s VAT Law — part of the compiled statutory law of New York, published by the state as "VAT Law." Browse the sections below, each linked to its official government source.

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Money or securities deposited as proof of financial responsibility

Official statutory text

§ 350. Money or securities deposited as proof of financial\nresponsibility. (a) A person may give proof of financial responsibility\nby delivering to the commissioner one hundred fifty thousand dollars in\ncash, or securities, such as may legally be purchased by savings banks\nor for trust funds, of a market value of one hundred fifty thousand\ndollars.\n (b) All money or securities so delivered to the commissioner shall be\nplaced by the commissioner in the custody of the commissioner of\ntaxation and finance and shall be subject to execution to satisfy any\njudgment mentioned in this article within the limits of coverage and\nsubject to the limits on amounts required by this article for motor\nvehicle liability policies, and if such moneys or securities shall be\notherwise subjected to attachment or any execution, the depositor shall\nimmediately furnish such additional moneys or securities, not otherwise\nsubjected to attachment or execution, to meet the requirements of this\nsection.\n (c) The commissioner shall not accept such money or securities unless\naccompanied by evidence that there are no unsatisfied judgments against\nsuch person registered in the office of the county clerk of the county\nwhere such person resides.\n

Status: in_force · Read it on the official government site

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About this page: Statute text is reproduced from official government publishers via the Open US Law dataset (Vaquill AI, snapshot v2026.08, CC BY 4.0). Primary legislative text like this is public domain under the government-edicts doctrine (Georgia v. Public.Resource.Org, 2020). We link every section back to its official source so you can verify it independently.