Marvin Mandel, Governor                        1431

(1)    It covenants to pay to the holder of any judgment recovered
upon a liability covered by the terms of this Article against the per-
son named in the bond as Principal, the amount of the judgment up
to at least the penalty limits prescribed in section 7-302;

(2)    It contains all the provisions specifically required for a pol-
icy of insurance as enumerated in this subtitle, and specifies the
State of Maryland as obligee;

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

§ 7-328. Omitted.

§ 7-329. Action on bond.

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

§ 7-330. Money or securities as proof.

Any person may establish proof of financial responsibility under
this Article by depositing with the Treasurer of the State of Mary-
land money in an amount, or securities approved by said Treasurer
of a market value in a total amount as required under Section 7-302
of this Article. Such securities shall be of a type which may be legally
purchased by savings banks or for trust funds, under the laws of
this State. Income or dividends accruing from time to time on such
securities so deposited with the Treasurer of the State of Maryland,
shall be payable to and collectible by the person so depositing such
securities.

§ 7-331. Application of deposit.

(a) All money or security so deposited shall be subject to execu-
tion to satisfy any final judgment rendered against the person by any
court of competent jurisdiction of any State or of the United States
arising out of the ownership, operation, maintenance, or use of a
motor vehicle, but shall not otherwise be subject to attachment or
execution, provided, that in the event of the insolvency, receivership,
bankruptcy or death of the person who has deposited money or securi-
ties, the money or securities on deposit shall be delivered by the
Treasurer of the State of Maryland to the trustee, receiver, executor,
or administrator, or other officer of the court administering the
estate of the person, and the money and securities shall be applied
first to the satisfaction of all judgments as aforesaid and all claims
arising out of the ownership, operation, maintenance, or use of a
motor vehicle, provided suit thereon is instituted within 6 months
after the date of the death or the date of the adjudication in insol-
vency, receivership, or bankruptcy, the claims either to be reduced
to judgment or to be settled with the approval of the court adminis-
tering the estate of the person; and the balance, if any, of the money
and securities shall be administered as a general asset of the estate of
the person.