HERBERT R. O'CONOR, GOVERNOR. 1877

resulting in such loss or damage and any such cancellation or
annulment shall be void.

(E) A policy of insurance offered as proof of financial re-
sponsibility under this Article, the written application there-
for, if any, and any endorsement to such policy which is not
in conflict with or contrary to the provisions required by this
Article, shall constitute the entire contract between the parties.

(F) Pending the issue of a policy of insurance to be offered
as proof of financial responsibility under this Article, the
Department or the Public Service Commission as the case
may be, may accept a lawfully authenticated Binder of In-
surance in lieu of such policy, provided such Binder of Insur-
ance meets all the requirements applying to a policy of in-
surance as set forth in this Article.

113. A SURETY BOND AS PROOF OF FINANCIAL RESPONSI-
BILITY. A surety bond, as that term is used in this Article,
when offered as proof of financial responsibility under this
Article, shall mean a financial guarantee issued by a surety
bond company authorized by the Commissioner of Insurance
of the State of Maryland to transact business in this State.

Such surety bond shall meet the requirements enumerated
hereunder when:

1. It shall covenant to pay to the holder of any judgment
recovered upon a liability covered by the terms of this Article
against the person named in said bond as principal, the
amount of such judgment up to at least the penalty limits
prescribed in sub-sections (b), (e), and (d) of Section 115 of
this Article.

2. It shall contain all the provisions specifically required for
a policy of insurance as enumerated in Sections 112 and 115
of this Article, and shall specify the State of Maryland as
obligee.

3. It shall be executed, under seal, by the person nominated
in said bond as Principal and by a duly authorized officer or
attorney-in-fact of such surety bond company, as Surety.

4. If a judgment be rendered against the person nominated
in said bond as Principal, upon a liability covered by the
covenants of such bonds, and such judgment is not satisfied
within thirty (30) days after it becomes final, then any judg-
ment creditor may, for his own use and benefit and at his sole
expense, bring an action or actions in the name of the State
of Maryland against the Surety of such bond.

114. MONEY OR SECURITIES DEPOSITED AS PROOF OF FINAN-
CIAL RESPONSIBILITY.