Utah Admin. Code R708-19-4 - Approved Methods
(1) The following
methods are approved by the department for meeting the requirements of
providing equivalent security.
(a) Depositing
with the department an amount in cash at least equal to minimum amounts
specified hereinafter. The cash shall be held on deposit in accordance with
Section 41-12a-406 by the Utah State
Treasurer to satisfy approved claims and any executions on any judgment issued
against such person making said deposit for damages or benefits provided under
the Financial Responsibility of Motor Vehicle Owners and Operators Act. The
deposit shall not be subject to attachment or executions except as shall arise
from the enforcement of the Act.
(b) Posting with the department a bond, on a
form approved by the department from a surety company authorized to do business
in this state, providing for payment at least equal to minimum amounts
specified hereinafter to assure payment of damages and benefits imposed by the
Financial Responsibility of Motor Vehicle Owners and Operators Act.
(c) Delivering to the department a letter of
credit, which is irrevocable as to beneficiary for one year, which covers the
same amounts specified hereinafter to assure payment of damages and benefits
imposed by the Financial Responsibility of Motor Vehicle Owners and Operators
Act (41-12a-101).
Notes
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