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Session Laws, 1931
Volume 580, Page 1245   View pdf image (33K)
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ALBERT C. RITCHIE, GOVERNOR.                1245

and until such notice is duly given, such policy shall continue
in full force and effect.

Such proof may be the bond of a surety company, duly au-
thorized to transact business within the State, or a bond, with
at least two (2) individual sureties, each owning real estate
within this State, which real estate shall be schedules in the
bond approved by a Judge of a court of record which said
bond shall be conditioned for the payment of the amounts
specified in Section 2 of this Act; and such bond shall be filed
with the Commissioner and shall not be cancellable except after
ten (10) days' written notice to the Commissioner. Such bond
shall constitute a lien in favor of the State upon the real estate
so scheduled of any surety, which lien shall exist in favor of
any holder of a final judgment against the person who has filed
such proof on account of damage to property in excess of fifty
dollars ($50. 00) or injury to, including death of a person or
persons resulting from the ownership, maintenance, use or oper-
ation hereafter of a motor vehicle, upon the filing of notice to
that effect by the Commissioner in the office of the proper clerk
or court of the county or city where such real estate shall be
located.

Such proof of ability to respond in damages may also be evi-
dence presented to the Commissioner of a deposit by such per-
son with the State Treasurer or other proper fiscal officer of a
sum of money or collateral in form satisfactory to the Commis-
sioner amounting to Eleven Thousand Dollars ($11, 000. 00),
and the said deposit shall be maintained in said amounts sub-
ject to the provisions of Section 187-1 of this Article. Sub-
ject to the approval of the Commissioner, the said State Treas-
urer or other proper fiscal officer shall accept any such deposit
and shall issue a receipt therefor. The Commissioner shall
approve such deposit by or on behalf of any person except
where a judgment theretofore recovered against fsuch person
shall not have been paid in full.

Additional evidence of ability to respond in damages, as
required by this Act, shall be furnished the Commissioner at
any time upon his demand.

187E. - A bond, money or collateral filed or deposited by or
on behalf of any person under the provisions of the preceding
section, shall be held by the Commissioner or said Treasurer to
satisfy, in accordance with the provisions of this Act, any exe-
cution issued against such person on a judgment for damages
as aforesaid arising out of the ownership, maintenance, use or

 

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Session Laws, 1931
Volume 580, Page 1245   View pdf image (33K)
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