Tex. Transp. Code § 601.122 · Subchapter E. ALTERNATIVE METHODS OF ESTABLISHING FINANCIAL RESPONSIBILITY
DEPOSIT OF CASH OR SECURITIES WITH COMPTROLLER.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(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).
Notes and commentary — not statutory text
History
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 of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/TN/htm/TN.601.htm
- Text hash
- sha256 06a8a5096e16a58a38680426e845c03c94fdc5abc131877ba0fa11c2200dc14a
- Composed by
- compose_tx.py 2026-10-05: the Legislative Council's chapter files read in document order; verify_tx.py's independent reading (lxml DOM walk) agrees character for character
Cited by 4 provisions
Provisions in this library whose text cites Tex. Transp. Code § 601.122. Each shows the citation as that text prints it.
Transportation Code
- Tex. Transp. Code § 601.023PAYMENT OF STATUTORY FEES.Printed as Section 601.122
- Tex. Transp. Code § 601.051REQUIREMENT OF FINANCIAL RESPONSIBILITY.Printed as Section 601.122
- Tex. Transp. Code § 601.053EVIDENCE OF FINANCIAL RESPONSIBILITY.Printed as Section 601.122
- Tex. Transp. Code § 686.002REQUIREMENT OF FINANCIAL RESPONSIBILITY FOR VALET PARKING SERVICES.Printed as Section 601.122
Procedural information only. Not legal advice and not a substitute for the advice of an attorney. Confirm the current text with the official publisher before relying on it.