§ 8-21-3-15 — Bond giving proof of financial responsibility

Indiana § 8-21-3-15

• Jurisdiction: Indiana
• Art. 21: AERONAUTICS
• Ch. 3: Aircraft Financial Responsibility Act

Text

(a) A person required to give proof of
financial responsibility may file with the department a bond meeting
the requirements of this section. Such bond shall be executed by the
person giving such proof and by a surety company duly authorized to
transact business in this state pursuant to the laws of this state.
(b) The department shall not accept any such bond unless it is
conditioned for payments in amounts and under the same
circumstances as would be required in an aircraft liability policy
furnished by the person giving such proof under this chapter.
(c) No such bond shall be cancelled unless ten (10) days' prior
written notice of cancellation is given the department but cancellation
of such bond shall not prevent recovery thereon with respect to any
right or cause of action arising prior to the date of cancellation.
(d) If a judgment is rendered against the principal of any such surety
bond upon a liability covered by the conditions of such bond and such
judgment is not satisfied within sixty (60) days after it becomes final,
the department may require the judgment creditor to bring an action or
actions, at his sole expense, against the company or person which
executed such bond for the recovery of said judgment.
Formerly: Acts 1951, c.267, s.15; Acts 1953, c.85, s.6. As
amended by Acts 1980, P.L.74, SEC.327.