Missouri § 303.050 - Security, form and amount — reduced, when.
Full text of Missouri Revised Statutes of Missouri § 303.050 — Security, form and amount — reduced, when., with citation guidance and answers to common questions.
§ 303.050. Security, form and amount — reduced, when.
1. The security required under this chapter shall be in such form and in such amount as the director may require but in no case in excess of the limits specified in section 303.030 in reference to the acceptable limits of a policy or bond. The person depositing security shall specify in writing the person or persons on whose behalf the deposit is made and, at any time while such deposit is in the custody of the director or state treasurer, the person depositing it may, in writing, amend the specification of the person or persons on whose behalf the deposit is made to include an additional person or persons; provided, however, that a single deposit of security shall be applicable only on behalf of persons required to furnish security because of the same accident.
2. The director may reduce the amount of security ordered in any case within one year after the date security was first required if, in his judgment, the amount ordered is excessive. In case the security originally ordered has been deposited, the excess deposited over the reduced amount ordered shall be returned to the depositor or his personal representative forthwith, notwithstanding the provisions of section 303.060.
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(L. 1953 p. 569 § 303.090, A.L. 1986 S.B. 424)
Effective 7-01-87
---- end of effective 28 Aug 1986 ----
Frequently Asked Questions About Missouri § 303.050
What does Revised Statutes of Missouri § 303.050 cover?
Section 303.050 ("Security, form and amount — reduced, when.") is part of the Revised Statutes of Missouri, the codified statutory law of Missouri. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Missouri § 303.050?
A common citation format is "Revised Statutes of Missouri § 303.050" (Missouri). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Missouri law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Missouri official source linked on this page or consult a licensed Missouri attorney.
How does Missouri § 303.050 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Missouri can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Missouri.