§287-35  Bond as proof.  (a)  Proof of
financial responsibility may be evidenced by the bond of a surety company duly
authorized to transact business within the State, or a bond with at least two
individual sureties each owning real estate within the State, and together
having equities equal in value to at least twice the amount of the bond, which
real estate shall be scheduled in the bond approved by the insurance
commissioner, which bond shall be conditioned for payment of the amounts
specified in section 294-10(a).  The bond shall be filed with the administrator
and shall not be cancelable except after ten days' written notice to the
administrator.  The bond shall constitute a lien in favor of the State upon the
real estate so scheduled of any surety, which 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 and the filing of a certified
copy of the final judgment in the office of the registrar of conveyances.



(b)  If such a judgment, rendered against the
principal on the 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
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, such action to conform as near as
may be with the procedure for the foreclosure of mortgages. [L 1949, c 393, pt
of §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  Section 294-10(a) referred to in text is repealed.  For
present provision, see §431:10C-301.