Section 100.08. Security deposit.

 

(1)  Acceptable forms of security required under ss. 344.14 and 344.17 , Stats., are any of the following:

(a) United States currency.

(b) A cashier's check or draft.

(c) A money order.

(d) A financial institution check or draft.

(e) A certified personal or business check or draft.

(f) An attorney trust account check or draft.

(g) A surety bond.

(2)  A person other than the uninsured owner or operator may deposit security if the person specifies in writing on whose behalf the deposit is made and to whom the deposit should be returned.

(3)  Security deposited with the department shall be held in trust for the benefit of any claimant involved in the accident. The department shall remit to the depositor any balance remaining after the termination of the security filing period and payments to claimants.

(4)  No interest or dividends shall be paid to a depositor.

(5)  If the owner and operator are separate persons, the deposit may be made by one of them, or they may cooperate in depositing the security. The security shall be applied to the payment of judgments or assignments for damages arising out of the accident rendered against either the operator or owner regardless of who made the deposit.

(6)  If notice has been filed with the secretary by any claimant that a court action has been commenced by any party in interest, the security deposit shall be retained until one of the following conditions is met:

(a) A judgment is entered and the court orders the department to apply the security deposit to the judgment.

(b) The case is dismissed on the merits and with prejudice and the operator or owner is determined not to be liable.

(c) The case is dismissed for any reason, has not been refiled, and more than one year from the date of deposit or the date the person's operating privilege was suspended, whichever is later, has passed.

(d) A judgment is entered, and a satisfaction of the judgment is filed with the department.

(7)  A security deposit may be returned only after one of the following conditions is met:

(a) All judgments or assignments filed with the department related to the accident have been paid and all legal actions related to the accident of which the department has received notice have been resolved.

(b) More than one year after the date of deposit or date of suspension, whichever is later, has passed and no notice of the commencement of a court action has been filed by a party in interest. In calculating the time period under this subsection, any period of time a claimant was stayed from commencing an action against the owner, operator or bond because of a bankruptcy proceeding may not be considered.

(8)  Final disposition of security deposits shall be made in accordance with s. 344.20 , Stats. Unless otherwise specified in writing by all depositors, any security deposit remaining may be returned to any depositor by check made jointly payable to all depositors.

Cr. Register, October, 1985, No. 358 , eff. 11-1-85; am. (1), Register, April, 1994, No. 460 , eff. 5-1-94; CR 01-156 : am. (1) (intro.), (5), r. and recr. (3) and (4) and (6), cr. (7) and (8) Register October 2005 No. 598 , eff. 11-1-05; CR 10-070 : am. (1) (a), (b), (d), (e), and (f) Register November 2010 No. 659 , eff. 12-1-10.

Note

Forms MV 3016—Security Deposit Receipt, MV 3043—Bond under Chapter 344 Stats., and MV 3385—Informational Letter to Injured Parties. Microsoft Windows NT 6.1.7601 Service Pack 1