Exams / Wyoming Property and Casualty Insurance License / Wyo. Stat. §31-9-408
Wyo. Stat. §31-9-408 — what it says, and how the exam tests it
This section is cited by 4 of our practice questions and is tested on the Wyoming Property and Casualty Insurance License.
The text
31-9-408. Surety bonds. (a) Proof of financial responsibility may be evidenced by the bond of a surety company duly authorized to transact business within this state, or a bond with at least two (2) individual sureties each owning real estate within this state, which real estate shall be scheduled in the bond approved by a judge of a court of record. The bond shall be conditioned for payment of the amounts specified in W.S. 31-9-102(a)(xi). Except as provided in W.S. 31-9-202(d), the bond shall be filed with the division and is not cancelable except after ten (10) days written notice to the division. The bond constitutes a lien in favor of the state upon the real estate scheduled of any surety and the 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 by the division in the office of the proper clerk or court of the county or city where the real estate is located. The notice shall be recorded and indexed in the same manner as now provided by law for real estate mortgages. (b) If a judgment, rendered against the principal on the bond is not satisfied within thirty (30) days after it becomes final, the judgment creditor may, for his own use and benefit and at his sole expense, bring an action 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. The foreclosure shall be by proceeding in the district court of the county where the real estate is located unless it is in more than one (1) county in which case the action shall be brought in any county in which any of the property is situated. 31-9-409. Cash and securities deposited with the director. (a) Proof of financial responsibility may be evidenced by the certificate of the director of the department of transportation that the person named therein has deposited twenty-five thousand dollars ($25,000.00) in cash, or securities as provided by W.S. 9-4-821 or…
Public record. Read the full, current section at the official source: wyoleg.gov
How it comes up on the exam
Practice questions written from this section — answers and explanations are in the drill.
- Under Wyo. Stat. §31-9-409, what is the minimum amount of cash that must be deposited with the director of the department of transportation to serve as proof of financial responsibility?
drill Wyoming Statutes and Rules Pertinent to Casualty Insurance Only → - A judgment is rendered against the principal on a surety bond filed as proof of financial responsibility. Under Wyo. Stat. §31-9-408, after how many days may the judgment creditor bring an action against the surety if the judgment remains unsatisfied?
drill Wyoming Statutes and Rules Pertinent to Casualty Insurance Only → - Under Wyo. Stat. §31-9-408, a surety bond with individual sureties requires at least how many individual sureties who own real estate within Wyoming?
drill Wyoming Statutes and Rules Pertinent to Casualty Insurance Only →