2006 New York Code - Filing A Bond As Proof Of Financial Responsibility.

 
    § 349. Filing  a  bond  as  proof  of  financial responsibility. (a) A
  person required to give proof of financial responsibility may file  with
  the commissioner a bond meeting the requirements of this section.
    (b) Such bond shall be executed by the person giving such proof and by
  a surety company duly authorized to transact business in this state.
    (c)  The  commissioner  shall  not  accept  any such bond unless it is
  conditioned for payments in amounts and under the same circumstances  as
  would  be  required in a motor vehicle liability policy furnished by the
  person giving such proof under this article.
    (d) No such bond shall be cancelled unless  ten  days'  prior  written
  notice  of  cancellation  is  given the commissioner but cancellation of
  such bond shall not prevent recovery thereon with respect to  any  right
  or cause of action arising prior to the date of cancellation.
    (e)  If  a  final  judgment rendered against the principal on the bond
  filed with the commissioner as provided in this  article  shall  not  be
  satisfied within fifteen days after its rendition, the judgment creditor
  may,  for  his  own  use  and  benefit and at his sole expense, bring an
  action on said bond in the name of the  state  against  the  company  or
  persons executing such bond.