# N.Y. VAT Law § 314: Acceptance of financial security deposits

> New York · Statutes · In force

URL: https://www.frixlaw.com/law-library/statutes/STATE_NY_AVAT_T3_A6_S314

## Section

- **Citation:** N.Y. VAT Law § 314
- **Heading:** Acceptance of financial security deposits
- **Jurisdiction:** New York
- **Kind:** Statutes
- **Status:** In force
- **Text as of:** August 14, 2026
- **Source:** Compiled text
- **Location:** New York Code / Act VAT / Title 3 / Article 6 / Section 314

## Text

§ 314. Acceptance of financial security deposits. 1. All moneys or\nsecurities delivered to the commissioner as a financial security deposit\nshall be placed by the commissioner in the custody of the commissioner\nof taxation and finance and shall be subject to execution to satisfy any\njudgment for damages for bodily injury or death, or injury to or\ndestruction of property, arising out of the ownership, maintenance, use\nor operation of the motor vehicle with respect to which the deposit has\nbeen accepted, and subject to the same limits on amounts required by\nthis article for an owner's policy of liability insurance, and if such\nmoneys or securities shall be otherwise subjected to attachment or any\nexecution, the depositor shall immediately furnish such additional\nmoneys or securities, not otherwise subject to attachment or execution,\nto meet the requirements of this article.\n 2. The commissioner shall not accept such moneys or securities as a\nfinancial security deposit unless accompanied by evidence that there are\nno unsatisfied judgments against such person registered in the office of\nthe county clerk of the county where such person resides.\n

## Nearby sections

- [N.Y. VAT Law § 310 Short title and declaration of purpose](https://www.frixlaw.com/law-library/statutes/STATE_NY_AVAT_T3_A6_S310.md)
- [N.Y. VAT Law § 311 Definitions](https://www.frixlaw.com/law-library/statutes/STATE_NY_AVAT_T3_A6_S311.md)
- [N.Y. VAT Law § 312 Registration of motor vehicles](https://www.frixlaw.com/law-library/statutes/STATE_NY_AVAT_T3_A6_S312.md)
- [N.Y. VAT Law § 312-A Issuance and termination of liability insurance and maintenance of records](https://www.frixlaw.com/law-library/statutes/STATE_NY_AVAT_T3_A6_S312-A.md)
- [N.Y. VAT Law § 313 Notice of termination](https://www.frixlaw.com/law-library/statutes/STATE_NY_AVAT_T3_A6_S313.md)
- [N.Y. VAT Law § 314 Acceptance of financial security deposits](https://www.frixlaw.com/law-library/statutes/STATE_NY_AVAT_T3_A6_S314.md)
- [N.Y. VAT Law § 315 Release of financial security bonds or deposits](https://www.frixlaw.com/law-library/statutes/STATE_NY_AVAT_T3_A6_S315.md)
- [N.Y. VAT Law § 316 Self-insurers](https://www.frixlaw.com/law-library/statutes/STATE_NY_AVAT_T3_A6_S316.md)
- [N.Y. VAT Law § 317 Expenses of administering article](https://www.frixlaw.com/law-library/statutes/STATE_NY_AVAT_T3_A6_S317.md)
- [N.Y. VAT Law § 318 Revocation of registrations, drivers' licenses and non-resident privileges](https://www.frixlaw.com/law-library/statutes/STATE_NY_AVAT_T3_A6_S318.md)
- [N.Y. VAT Law § 319 Penalties](https://www.frixlaw.com/law-library/statutes/STATE_NY_AVAT_T3_A6_S319.md)
- [N.Y. VAT Law § 320 Notice to other jurisdictions](https://www.frixlaw.com/law-library/statutes/STATE_NY_AVAT_T3_A6_S320.md)
- [N.Y. VAT Law § 321 Exceptions](https://www.frixlaw.com/law-library/statutes/STATE_NY_AVAT_T3_A6_S321.md)

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Source: Frix Law Library, https://www.frixlaw.com/law-library/statutes/STATE_NY_AVAT_T3_A6_S314. Check the current official text before relying on it. Not legal advice.