(625 ILCS 5/7-320)
(from Ch. 95 1/2, par. 7-320)
Bond as Proof.
A person required to give proof of financial responsibility may file
with the Secretary of State a bond, executed by the person giving such
proof and by a surety company, duly authorized to transact business within
the State; or by the person, giving such proof and by 2 individual
sureties, each owning real estate within this State and having an equity
therein in the amount of such bond, which real estate shall be scheduled
1. The Secretary of State shall not accept any such real estate bond
unless it is first approved by a judge of a court.
2. The Secretary of State shall not accept any such bond unless it is
conditioned for payment in amounts and under the same circumstances as
would be required in a motor vehicle liability policy furnished by the
person giving such proof under this Act.
3. No such bond shall be cancelled unless 10 days' prior written
notice is given to the Secretary of State, but cancellation of such bond
shall not prevent recovery thereon with respect to any right or cause of
action arising prior to the date of cancellation.
4. The principal and sureties of every such real estate bond shall
execute and deliver an original and one copy of the bond and schedule and
in addition, when the real property or any part thereof, listed or
described in the schedule, shall lie in more than one county, then as many
extra copies as there are counties in which the real property, or any part
thereof, shall lie, to the judge to whom such bond is presented for
approval, who shall, if he approved the bond, endorse upon the original
and each copy of the bond the date of the approval thereof; and the clerk
of the court shall immediately file one of the copies with the recorder
in each county in which is situated any of the non-registered real
property so scheduled.
5. If any of the lands so scheduled shall have been registered under "An
Act concerning land titles", approved May 1, 1897, as amended, the clerk
of the court in which the bond is approved shall immediately file with the
registrar of titles in and for each county in which any of the registered
land so scheduled is situated, a notice stating that such land has been so
scheduled, and the registrar shall thereupon enter a memorial of such fact
upon the record.
6. The clerk of the court in which the bond is approved shall endorse
upon the original of each such real estate bond approved the date upon
which he or she filed a copy of such bond with the recorder in each
county in which is situated any of the non-registered real property so
scheduled or the notice with the registrar of titles in and for each
county in which any of the registered land scheduled is situated and shall
deliver such original bond to the principal thereon.
(Source: P.A. 83-1362.)