§ 31-9-408 — Surety bonds

Wyoming § 31-9-408

• Jurisdiction: Wyoming
• Title 31: Motor Vehicles
• Ch. 9: MOTOR VEHICLE SAFETY RESPONSIBILITY
• Art. 4: PROOF OF FINANCIAL RESPONSIBILITY

Text

(a) 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 (2)
individual sureties each owning real estate within this state,
which real estate shall be scheduled in the bond approved by a
judge of a court of record. The bond shall be conditioned for
payment of the amounts specified in W.S. 31-9-102(a)(xi). Except
as provided in W.S. 31-9-202(d), the bond shall be filed with
the division and is not cancelable except after ten (10) days
written notice to the division. The bond constitutes a lien in
favor of the state upon the real estate scheduled of any surety
and the lien shall exist in favor of any holder of a final
judgment against the person who has filed the 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 the bond was filed, upon the
filing of notice to that effect by the division in the office of
the proper clerk or court of the county or city where the real
estate is located. The notice shall be recorded and indexed in
the same manner as now provided by law for real estate
mortgages.
(b) If a judgment, rendered against the principal on the
bond is not satisfied within thirty (30) days after it becomes
final, the judgment creditor may, for his own use and benefit
and at his sole expense, bring an action in the name of the
state against the company or persons executing the bond,
including an action or proceeding to foreclose any lien that may
exist upon the real estate of a person who has executed the
bond. The foreclosure shall be by proceeding in the district
court of the county where the real estate is located unless it
is in more than one (1) county in which case the action shall be
brought in any county in which any of the property is situated.