61-6-138. Money or securities as proof of responsibility. (1) Proof of financial responsibility may be evidenced by the certificate of the state treasurer that the person named in the certificate has deposited with the treasurer $55,000 in cash, or securities that may legally be purchased by savings banks or for trust funds of a market value of $55,000. The state treasurer may not accept any deposit and issue a certificate and the department may not accept the certificate unless accompanied by evidence that there are no unsatisfied judgments of any character against the depositor in the county where the depositor resides.
(2) The deposit must be held by the state treasurer to satisfy, in accordance with the provisions of this part, any execution on a judgment issued against the person making the deposit for damages, including damages for care and loss of services, because of bodily injury to or death of any person, or for damages because of injury to or destruction of property, including the loss of use of property, resulting from the ownership, maintenance, use, or operation of a motor vehicle after the deposit was made. Money or securities deposited may not be subject to attachment or execution unless the attachment or execution arises out of a suit for damages as described in this subsection.