Effective - 28 Aug 1953, 2 histories
303.230. Surety bond as proof of responsibility. — 1. Proof of financial responsibility may be furnished by filing with the director the bond of a surety company duly authorized to transact business in this state, or a bond with at least two individual sureties each owning real estate within this state, and together having equities equal in value to at least twice the amount of such bond, which real estate shall be scheduled in the bond approved by the judge of the circuit court of the county or city in which such real estate is situate. Such bond shall be conditioned for payments in amounts and under the same circumstances as would be required in a motor vehicle liability policy, and shall not be cancelled except after ten days' written notice to the director.
2. If such judgment, rendered against the principal on such bond, shall not be satisfied within sixty days after it has become final, the judgment creditor may, for his own use and benefit and at his sole expense, bring an action or actions in the name of the state against the company or persons executing such bond.
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(L. 1953 p. 569 § 303.240)