ORS 558.053
Judgment against principal on bond

  • action against surety
  • satisfaction

(1)

If a judgment rendered against the principal on a bond described under ORS 558.052 (Requirements for bonds used to meet financial responsibility) is not settled within 60 days after it has become final, a judgment creditor, for the judgment creditor’s own use and benefit and at the judgment creditor’s sole expense, may bring an action against any surety on the bond. An action brought under this section must be brought in the name of the state. An action under this section may include any action or proceeding to foreclose any lien established upon the real property of a surety under ORS 558.052 (Requirements for bonds used to meet financial responsibility).

(2)

For purposes of this section, a judgment is satisfied when any of the following occurs:

(a)

Payments in the amounts established by the payment schedule under ORS 558.050 (Proof of financial responsibility) have been credited upon any judgment or judgments rendered in excess of those amounts.

(b)

Judgments rendered for less than the amounts established under ORS 558.050 (Proof of financial responsibility) have been satisfied.

(c)

The judgment creditor and the judgment debtor have mutually agreed upon a compromise settlement of the judgment.

(d)

The judgment against the judgment debtor has been discharged in bankruptcy. [2003 c.175 §16]

Source: Section 558.053 — Judgment against principal on bond; action against surety; satisfaction, 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

§ 558.053’s source at oregon​.gov