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
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