§287-35  Bond as proof.  (a)  Proof offinancial responsibility may be evidenced by the bond of a surety company dulyauthorized to transact business within the State, or a bond with at least twoindividual sureties each owning real estate within the State, and togetherhaving equities equal in value to at least twice the amount of the bond, whichreal estate shall be scheduled in the bond approved by the insurancecommissioner, which bond shall be conditioned for payment of the amountsspecified in section 294-10(a).  The bond shall be filed with the administratorand shall not be cancelable except after ten days' written notice to theadministrator.  The bond shall constitute a lien in favor of the State upon thereal estate so scheduled of any surety, which lien shall exist in favor of anyholder of a final judgment against the person who has filed the bond, fordamages, including damages for care and loss of services, because of bodilyinjury to or death of any person, or for damages because of injury to ordestruction of property, including the loss of use thereof, resulting from theownership, maintenance, use, or operation of a motor vehicle after the bond wasfiled upon the filing of notice to that effect and the filing of a certifiedcopy of the final judgment in the office of the registrar of conveyances.

(b)  If such a judgment, rendered against theprincipal on the bond is not satisfied within sixty days after it has becomefinal, the judgment creditor may, for the judgment creditor's own use and benefitand at the judgment creditor's sole expense, bring an action or actions in thename of the State against the company or persons executing the bond, includingan action or proceeding to foreclose any lien that may exist upon the realestate of a person who has executed the bond, such action to conform as near asmay be with the procedure for the foreclosure of mortgages. [L 1949, c 393, ptof §1; RL 1955, §160-113; HRS §287-35; am L 1980, c 84, pt of §1; gen ch 1985;am L 1986, c 339, §33]

 

Note

 

  Section 294-10(a) referred to in text is repealed.  Forpresent provision, see §431:10C-301.