PURPOSE: This rule sets forth the requirements to be met in order that real estate bonds may be posted with the director as security for an accident when security is required pursuant to section 303.050, RSMo.

PUBLISHER’S NOTE: The secretary of state has determined that the publication of the entire text of the material which is incorporated by reference as a portion of this rule would be unduly cumbersome or expensive. This material as incorporated by reference in this rule shall be maintained by the agency at its headquarters and shall be made available to the public for inspection and copying at no more than the actual cost of reproduction. This note applies only to the reference material. The entire text of the rule is printed here.

1. (1) A real estate bond of the type mentioned in section 303.230, RSMo is acceptable as a means of posting security required under sections 303.030 and 303.050, RSMo.

2. (2) Before a real estate bond can be accepted by the director as security to be posted pursuant to section 303.030, RSMo the following requirements must be met:

   1. (A) A DOR-1721A Form, Proof of Financial Responsibility Bond, incorporated by reference, must be completed;
   2. (B) A separate DOR-1585 Form, Justification of Securities, incorporated by reference, must be executed by the principal and each surety to the real estate bond until the equity in real estate owned by the principal and the sureties taken together equals at least twice the amount of the security required to be posted by the director under sections 303.030 and 303.050, RSMo;
   3. (C) A legal description of all property listed in each DOR-1585 Form must be stated;
   4. (D) The value of the interest of the principal and each surety in property listed in the DOR-1585 Form must be stated;
   5. (E) The property must not be subject to any previous encumbrances;
   6. (F) The name of the legal titleholder of any property listed in any DOR-1585 Form must be stated;
   7. (G) All real estate bonds must be approved by the judge of the circuit court of the county or city in which any real estate listed in the DOR-1585 Form is situated and must bear the official seal of the circuit court; and
   8. (H) All real estate bonds must be recorded with the recorder of deeds in the county where the real estate is situated, as verified by the recorder or an authorized representative, prior to acceptance as security by the director.
3. (3) Any request to accept a real estate bond as security for an accident under the Motor Vehicle Safety Responsibility Law can be rejected by the director if, in his/her discretion, the bond is not adequate to provide the security required by sections 303.030 and 303.050, RSMo.
4. (4) Whenever any real estate bond posted as security for an accident under the Motor Vehicle Safety Responsibility Law no longer fulfills the purpose for which it was posted in the opinion of the director, the director may require the filing of security in a different form and shall suspend the license and registration or the nonresident operating privilege pending the filing of other proof.

AUTHORITY: section 303.290, RSMo 2000.* This version of rule filed April 23, 1975, effective May 5, 1975. Amended: Filed Oct. 22, 1997, effective April 30, 1998. Amended: Filed July 26, 2004, effective Jan. 30, 2005. *Original authority: 303.290, RSMo 1953, amended 1957, 1986.