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 individual sureties each owning real estate within this state, and together having equities equal in value to at least twice the amount of such bond; the real estate shall be scheduled in the bond approved by a judge of a court of record and the bond shall be conditioned for payment of the amount specified in section 4509.62 of the Revised Code. Such bond shall be filed with the registrar and shall not be cancelable except after ten days written notice to the registrar of motor vehicles.
Ohio Rev. Code Ann. § 4509.59
Proof of financial responsibility evidenced by bond
Applied in 5 court decisions — leading case Grange Mutual Casualty Co. v. Refiners Transport & Terminal Corp. (1986)
Most recently applied in City of Bedford v. Tisdale, Unpublished Decision (2-9-2006) (February 2006)
Effective: October 1, 1953; Latest Legislation: House Bill 1 - 100th General Assembly
How often courts cite this section
Court decisions citing this, by year. The dip in the last several years is a data-coverage gap, not a real trend — our corpus holds fewer opinions from the most recent years, so recent citations are undercounted.
Official source: Ohio Laws & Administrative Rules (Legislative Service Commission). Reproduced from public-domain Ohio statutes; confirm against the official source for the current text. Not legal advice.