§ 39-16.1-14 — Financial responsibility may be evidenced by bond

North Dakota § 39-16.1-14

• Jurisdiction: North Dakota
• Title 39: Motor Vehicles
• Ch. 39-16.1: Proof of Financial Responsibility for the Future

Text

1. Proof of financial responsibility may be evidenced by the bond of a surety company
duly authorized to transact business within this state, or a bond with at least two
individual sureties each owning real estate not exempt from execution of a value twice
the amount of such bond, which real estate must be scheduled in the bond approved
by a judge of a court of record, and recorded in the office of the recorder of each
county in which such real estate is situated, which said bond must be conditioned for
payment of the amounts specified in section 39-16.1-02. Such bond must be filed with
the director and is not cancelable except after ten days' written notice to the director.
Such bond constitutes a lien in favor of the state upon the real estate so scheduled of
any surety, which lien exists for the benefit of any holder of a final judgment against the
person who has filed such bond, for damages, including damages for care and loss of
services, because of bodily injury to or death of any person, or for damages because
of injury to or destruction of property, including the loss of use thereof, resulting from
the ownership, maintenance, use, or operation of a motor vehicle after such bond is
recorded.
2. If such judgment rendered against the principal on such bond is not satisfied within
sixty days after it has become final, the judgment creditor may, for the judgment
creditor's own use and benefit and at the judgment creditor's sole expense, bring an
action or actions in the judgment creditor's own name against the company or persons
executing such bond, including an action or proceeding to foreclose any lien that may
exist upon the real estate of a person who has executed such bond.