Oregon Statutes 558.052 – Requirements for bonds used to meet financial responsibility
A bond used to comply with financial responsibility requirements under ORS § 558.050 must meet all of the following requirements:
Terms Used In Oregon Statutes 558.052
- Person: includes individuals, corporations, associations, firms, partnerships, limited liability companies and joint stock companies. See Oregon Statutes 174.100
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
(1) The bond must be in the amount required by ORS § 558.050.
(2) The bond must be approved by a judge of a court of record in this state.
(3) The bond must contain a provision that it cannot be canceled except upon the giving of 10 days’ prior written notice to the State Department of Agriculture.
(4) The bond must be provided by either of the following:
(a) A surety company.
(b) Two persons who are residents of Oregon and who each own real property in this state having together equities at least of the value required for the bond under ORS § 558.050.
(5) If the bond is provided by real property owners in this state, the bond must contain a schedule of the real property owned by each of the sureties that will be used to meet the financial responsibility requirements of this state.
(6) The bond must be conditioned to pay, on behalf of the principal, the limits of financial responsibility requirements under ORS § 558.050.
(7) The bond must be conditioned to pay, on behalf of the principal, judgments against a person for accidents described in ORS § 558.050 and must be subject to action under ORS § 558.053.
(8) The bond is subject to any rules adopted by the department relating to such bonds. [2003 c.175 § 15]