New Jersey § 48:4-2

§ 48:4-2.

Receivers appointed by the United States District Court for the district of New Jersey

or by the Superior Court of this State, or trustees in bankruptcy, who pursuant to

an order of such court are operating any autobus, shall carry such insurance, or make

such other provisions as the court appointing such receivers or trustees may by order

direct, to indemnify such receivers or trustees against loss from the liability imposed

by law for damages on account of bodily injury or death suffered by any person or

persons as a result of an accident occurring by reason of the ownership, maintenance

or use of such autobusses; but such receivers or trustees shall continue to carry

such insurance as is required to be carried by other owners and operators of autobusses

under the provisions of this chapter until such court shall have made an order as

herein provided, and upon the making of any such order as herein provided, a certified

copy of the same shall be filed with the officer or officers with whom insurance policies

are required to be filed by this chapter. As a condition precedent to the making of such an order such receivers or trustees

in bankruptcy shall deposit with the Commissioner of Banking and Insurance of this

State the sum of $100,000.00 in cash or in stocks, bonds, or bonds and mortgages,

approved by the commissioner, which cash, stocks, bonds and bonds and mortgages shall

be held by the commissioner as security for the liability imposed by law upon such

receivers or trustees in bankruptcy, for personal injury and death resulting from

the operation of said autobusses by such receivers or trustees in bankruptcy, and

shall be subject to levy under execution issued upon judgments for such bodily injuries

or death against such receivers or trustees in bankruptcy. Such order shall remain in force and effect only so long as there shall remain in

the hands of the commissioner cash, bonds, stocks, or bonds and mortgages aggregating

$100,000.00 and meeting with the approval of the commissioner from time to time. So long as said deposit shall be maintained as herein provided, and no levy shall

be made thereon, the receivers or trustees making the same shall be entitled to collect

and receive the interest and dividends thereon, and to withdraw any deposited stocks,

bonds and bonds and mortgages upon depositing with said commissioner other like securities. Said deposit, or the balance thereof remaining, shall be returned to the receivers

or trustees making the same upon proof satisfactory to the commissioner that all liabilities

secured by said deposit have been discharged or adequately provided for.