ORS 558.052
Requirements for bonds used to meet financial responsibility

A bond used to comply with financial responsibility requirements under ORS 558.050 (Proof of financial responsibility) must meet all of the following requirements:

(1)

The bond must be in the amount required by ORS 558.050 (Proof of financial responsibility).

(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 (Proof of financial responsibility).

(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 (Proof of financial responsibility).

(7)

The bond must be conditioned to pay, on behalf of the principal, judgments against a person for accidents described in ORS 558.050 (Proof of financial responsibility) and must be subject to action under ORS 558.053 (Judgment against principal on bond).

(8)

The bond is subject to any rules adopted by the department relating to such bonds. [2003 c.175 §15]

Source: Section 558.052 — Requirements for bonds used to meet financial responsibility, https://www.­oregonlegislature.­gov/bills_laws/ors/ors558.­html.

558.010
Definitions for ORS 558.010 to 558.140 558.020
Purpose of ORS 558.010 to 558.140 558.030
Artificial weather modification prohibited without license 558.040
Application for license 558.050
Proof of financial responsibility 558.052
Requirements for bonds used to meet financial responsibility 558.053
Judgment against principal on bond 558.054
Deposit of cash or other security to meet financial responsibility 558.055
Hearing on application for license 558.060
Issuance of license 558.066
Governmental entities conducting weather modification at airport 558.080
Contents of hearing notice 558.090
Publication of notice of hearing 558.100
Proof of publication 558.110
Records and reports of operations 558.120
Emergency licenses 558.135
Revocation, suspension, refusal to issue or renew license 558.140
Appropriation for administration and enforcement 558.200
Definition of “county court.” 558.203
Application of election laws 558.210
Incorporation for weather modification 558.235
Treatment of forestlands as benefited property 558.300
General powers of district 558.310
Limitation on right to own or operate equipment 558.315
Rules 558.320
Duty to carry liability insurance 558.325
Cooperative agreements between districts 558.340
Tax assessment, levy and collection 558.345
Disposal of taxes levied when organization declared invalid 558.350
Employees’ retirement system 558.355
Budget for retirement system 558.360
Employee contribution 558.365
Limitation on membership 558.400
Board of commissioners 558.410
Board meetings 558.415
Procedure to increase number of commissioners 558.430
Deposit and withdrawal of moneys 558.440
Special elections 558.990
Penalties
Green check means up to date. Up to date

Current through early 2024

§ 558.052’s source at oregon​.gov