344.36 Bond as proof.
(1) 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 2 individual sureties each owning real estate within this state and together having equities equal in value to at least twice the amount of the bond, which real estate shall be scheduled in the bond approved by a judge of a court of record. Such bond shall be conditioned for the payment of the amounts specified in s. 344.01 (2) (d). The bond shall be filed with the secretary and shall not be cancelable except after 10 days' written notice to the secretary.
(2) The bond constitutes a lien in favor of the state upon any surety's real estate which is scheduled in the bond and which is not exempt by law from execution. Such lien is effective as of the time when the secretary records the bond in the office of the register of deeds of the county wherein such real estate is located, as provided in s. 706.05 (1). Such lien exists in favor of any holder of a final judgment against the person who filed such bond, for damages resulting from the ownership, maintenance, use or operation of a motor vehicle after such bond was recorded, including damages for care and for loss of services because of bodily injury to or death of any person and damages because of injury to or destruction of property and the consequent loss of use thereof.
(3) If the judgment rendered against the principal on the bond is not satisfied within 60 days after it has become final, the judgment creditor may, for his or her own use and benefit and at the judgment creditor's 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 such bond. In the foreclosure of such lien, ch. 846 on the foreclosure of real estate mortgages shall apply as far as possible.
History: 1973 c. 189 s. 20; Sup. Ct. Order, 67 Wis. 2d 585, 776 (1975); 1975 c. 218; 1977 c. 29 s. 1654 (7) (c).
The direct action statute, s. 632.24, does not apply to actions in which the principal on a bond under this section causes injury. Sub. (3) requires obtaining a judgment against the principal before an action may be brought against the surety. Vansguard v. Progressive Northern Insurance Co. 188 Wis. 2d 584, 525 N.W.2d 146 (Ct. App. 1994).
Structure Wisconsin Statutes & Annotations
Wisconsin Statutes & Annotations
Chapter 344 - Vehicles — financial responsibility.
344.01 - Words and phrases defined.
344.02 - Hearing on suspension or impoundment.
344.04 - Power of court to stay suspension of registration or impoundment of vehicles.
344.05 - Courts to report nonpayment of certain judgments.
344.07 - Responsibility law not to prevent other process.
344.08 - Suspension for failure to report accident.
344.09 - Reinstatement of operating privilege and registration.
344.12 - Applicability of provisions relating to deposit of security for past accidents.
344.14 - Suspension for failure to deposit security; impoundment of vehicle; exceptions.
344.15 - Requirements as to policy or bond.
344.16 - Requirements as to self-insurers.
344.17 - Requirements as to form and amount of security.
344.18 - Duration of suspension for failure to deposit security.
344.185 - Duration of impoundment of motor vehicle; disposition.
344.20 - Custody, disposition and return of security.
344.21 - Matters not to be evidence in civil suits.
344.24 - Applicability of sections relating to proof of financial responsibility for the future.
344.25 - Suspension for nonpayment of judgment; exceptions.
344.26 - Suspension after judgment for money damages.
344.27 - Installment payment of judgments; suspension upon default.
344.29 - Proof of financial responsibility for the future required.
344.30 - Methods of giving proof of financial responsibility.
344.31 - Certification of insurance as proof.
344.33 - “ Motor vehicle liability policy" defined.
344.34 - Notice of cancellation or termination of certified policy.
344.35 - This chapter not to affect other policies.
344.37 - Money or securities as proof.
344.38 - Owner and leasing company may give proof for others.
344.39 - Substitution of proof.
344.40 - Revocation or suspension for failure to maintain proof; other proof may be required.
344.41 - Duration of proof; when proof may be canceled or returned.
344.42 - Submission of certifications and recertifications by insurers.
344.45 - Surrender of license and registration upon suspension.
344.46 - Transfer of vehicle ownership to defeat purpose of chapter.
344.51 - Financial responsibility for domestic rented or leased vehicles.
344.52 - Financial responsibility for foreign rented vehicles.
344.55 - Insurance for human service vehicles.
344.57 - Definitions applicable to ss. 344.57 to 344.579.
344.572 - Applicability to rental agreements.
344.574 - Limited liability for damage.
344.577 - Advertisement or representation.
344.578 - Credit card for deposit or damages.
344.62 - Motor vehicle liability insurance required.
344.63 - Exceptions to motor vehicle liability insurance requirement.