303.230. Surety bond as proof of responsibility. - Missouri Statutes

Surety bond as proof of responsibility.

303.230. 1. Proof of financial responsibility may befurnished by filing with the director the bond of a suretycompany duly authorized to transact business in this state, or abond with at least two individual sureties each owning realestate within this state, and together having equities equal invalue to at least twice the amount of such bond, which realestate shall be scheduled in the bond approved by the judge ofthe circuit court of the county or city in which such real estateis situate. Such bond shall be conditioned for payments inamounts and under the same circumstances as would be required ina motor vehicle liability policy, and shall not be canceledexcept after ten days' written notice to the director.

2. If such judgment, rendered against the principal on suchbond, shall not be satisfied within sixty days after it hasbecome final, the judgment creditor may, for his own use andbenefit and at his sole expense, bring an action or actions inthe name of the state against the company or persons executingsuch bond.

(L. 1953 p. 569 § 303.240)