Indiana Code 8-21-3-15. Bond giving proof of financial responsibility
(b) The department shall not accept any such bond unless it is conditioned for payments in amounts and under the same circumstances as would be required in an aircraft liability policy furnished by the person giving such proof under this chapter.
Terms Used In Indiana Code 8-21-3-15
- Aircraft: means any contrivance used or designed for navigation of or flight in the air. See Indiana Code 8-21-3-1
- Department: refers to the Indiana department of transportation; and "state" or "this state" means the state of Indiana. See Indiana Code 8-21-3-1
- Judgment: means any judgment, except a judgment rendered against this state or any political subdivision of this state or any municipality in this state, which shall have become final by expiration without appeal of the time within which appeal might have been perfected, or by final affirmation on appeal, rendered by a court of competent jurisdiction of any state or of the United States. See Indiana Code 8-21-3-1
- Person: means any individual, firm, partnership, corporation, company, limited liability company, association, joint stock association, or body politic; and includes any trustee, receiver, assignee, or other similar representative of an entity described in this subdivision. See Indiana Code 8-21-3-1
- Proof of financial responsibility: has the meaning set forth in section 8 of this chapter. See Indiana Code 8-21-3-1
- this state: means the state of Indiana. See Indiana Code 8-21-3-1
(d) If a judgment is rendered against the principal of any such surety bond upon a liability covered by the conditions of such bond and such judgment is not satisfied within sixty (60) days after it becomes final, the department may require the judgment creditor to bring an action or actions, at his sole expense, against the company or person which executed such bond for the recovery of said judgment.
Formerly: Acts 1951, c.267, s.15; Acts 1953, c.85, s.6. As amended by Acts 1980, P.L.74, SEC.327.