Tex. Transp. Code Section 601.122
Deposit of Cash or Securities with Comptroller


(a)

A person may establish financial responsibility by depositing $55,000 with the comptroller in:

(1)

cash; or

(2)

securities that:

(A)

are of the type that may legally be purchased by savings banks or trust funds; and

(B)

have a market value equal to the required amount.

(b)

On receipt of the deposit, the comptroller shall issue to the person making the deposit a certificate stating that a deposit complying with this section has been made.

(c)

The comptroller may not accept the deposit and the department may not accept the certificate unless the deposit or certificate is accompanied by evidence that an unsatisfied judgment of any character against the person making the deposit does not exist in the county in which the person making the deposit resides.

(d)

The comptroller shall hold a deposit made under this section to satisfy, in accordance with this chapter, an execution on a judgment issued against the person making the deposit for damages that:

(1)

result from the ownership, maintenance, use, or operation of a motor vehicle after the date the deposit was made; and

(2)

are for:

(A)

bodily injury to or death of any person, including damages for care and loss of services; or

(B)

damage to or destruction of property, including the loss of use of the property.

(e)

Money or securities deposited under this section are not subject to attachment or execution unless the attachment or execution arises out of a suit for damages described by Subsection (d).
Acts 1995, 74th Leg., ch. 165, Sec. 1, eff. Sept. 1, 1995. Amended by Acts 1997, 75th Leg., ch. 1423, Sec. 18.09, eff. Sept. 1, 1997.

Source: Section 601.122 — Deposit of Cash or Securities with Comptroller, https://statutes.­capitol.­texas.­gov/Docs/TN/htm/TN.­601.­htm#601.­122 (accessed Mar. 16, 2024).

601.001
Short Title
601.002
Definitions
601.003
Judgment
601.005
Evidence in Civil Suit
601.006
Applicability to Certain Owners and Operators
601.007
Applicability of Chapter to Government Vehicles
601.008
Violation of Chapter
601.009
Report from Other State or Canada
601.021
Department Powers and Duties
601.023
Payment of Statutory Fees
601.051
Requirement of Financial Responsibility
601.052
Exceptions to Financial Responsibility Requirement
601.053
Evidence of Financial Responsibility
601.054
Owner May Provide Evidence of Financial Responsibility for Others
601.055
Substitution of Evidence of Financial Responsibility
601.056
Cancellation, Return, or Waiver of Evidence of Financial Responsibility
601.057
Evidence that Does Not Fulfill Requirements
601.071
Motor Vehicle Liability Insurance
601.072
Minimum Coverage Amounts
601.073
Required Policy Terms
601.074
Optional Terms
601.075
Prohibited Terms
601.076
Required Terms: Owner’s Policy
601.077
Required Terms: Operator’s Policy
601.078
Additional Coverage
601.079
Multiple Policies
601.080
Insurance Binder
601.081
Standard Proof of Motor Vehicle Liability Insurance Form
601.082
Motor Vehicle Liability Insurance
601.083
Certificate of Motor Vehicle Liability Insurance
601.084
Nonresident Certificate
601.085
Termination of Certified Policy
601.086
Response of Insurance Company if Policy Not in Effect
601.088
Effect on Certain Other Policies
601.121
Surety Bond
601.122
Deposit of Cash or Securities with Comptroller
601.123
Deposit of Cash or Cashier’s Check with County Judge
601.124
Self-insurance
601.151
Applicability of Subchapter
601.152
Suspension of Driver’s License and Vehicle Registration or Privilege
601.153
Deposit of Security
601.154
Department Determination of Probability of Liability
601.155
Notice of Determination
601.156
Setting of Hearing
601.157
Hearing Procedures
601.158
Appeal
601.159
Procedures for Suspension of Driver’s License and Vehicle Registration or Privilege
601.160
Suspension Stayed Pending Hearing or Appeal
601.161
Notice of Suspension
601.162
Duration of Suspension
601.163
Form of Security
601.164
Reduction in Security
601.165
Custody of Cash Security
601.166
Payment of Cash Security
601.167
Return of Cash Security
601.168
Insurance Policy or Bond
601.169
Reasonable Probability Not Admissible in Civil Suit
601.170
Department Acting on Erroneous Information
601.191
Operation of Motor Vehicle in Violation of Motor Vehicle Liability Insurance Requirement
601.193
Defense: Financial Responsibility in Effect at Time of Alleged Offense
601.194
Defense: Possession of Motor Vehicle for Maintenance or Repair
601.195
Operation of Motor Vehicle in Violation of Requirement to Establish Financial Responsibility
601.231
Suspension of Driver’s License
601.232
Notice of Suspension
601.233
Notice of Potential Suspension
601.234
Issuance or Continuation of Vehicle Registration
601.261
Impoundment of Motor Vehicle
601.262
Duration of Impoundment
601.263
Reimbursement Fee for Impoundment
601.264
Penalties Cumulative
601.265
Transfer of Title of Impounded Motor Vehicle
601.266
Release on Involuntary Transfer of Title of Impounded Motor Vehicle
601.267
Release of Impounded Motor Vehicle by Sheriff
601.291
Applicability of Subchapter
601.292
Duty to Provide Evidence of Financial Responsibility to Investigating Officer
601.293
Failure to Provide Evidence of Financial Responsibility
601.294
Impoundment of Motor Vehicle
601.295
Duration of Impoundment
601.296
Certificate of Release
601.297
Liability for Cost of Impoundment
601.331
Report of Unsatisfied Judgment or Conviction, Plea, or Forfeiture of Bail
601.332
Suspension of Driver’s License and Vehicle Registration or Nonresident’s Operating Privilege for Unsatisfied Judgment
601.333
Relief from Suspension: Motor Vehicle Liability Insurance
601.334
Relief from Suspension: Consent of Judgment Creditor
601.335
Installment Payments Authorized
601.336
Relief from Suspension: Installment Payments
601.337
Effect of Bankruptcy
601.338
Evidence of Financial Responsibility or Suspension of Driver’s License and Vehicle Registration of Owner of Motor Vehicle
601.339
Evidence of Financial Responsibility Following Conviction, Plea, or Forfeiture
601.340
Evidence of Financial Responsibility or Suspension of Vehicle Registration Following Suspension or Revocation of Driver’s License
601.341
Evidence of Financial Responsibility
601.342
Evidence of Financial Responsibility Following Suspension or Revocation of Nonresident’s Operating Privilege
601.371
Operation of Motor Vehicle in Violation of Suspension
601.372
Return of Driver’s License and Vehicle Registration to Department
601.373
Failure to Return Driver’s License or Vehicle Registration
601.374
Transfer of Vehicle Registration Prohibited
601.375
Cooperation with Other State or Canada
601.376
Reinstatement Fee
601.401
Department Actions Subject to Review
601.451
Definition
601.452
Implementation of Program
601.453
Agent
601.454
Information Provided by Insurance Company
601.455
Access by Court

Accessed:
Mar. 16, 2024

§ 601.122’s source at texas​.gov