Financial responsibility requirements are designed to provide for minimum payment of judgments of the type described in this section. When ORS 806.130, 806.140, 806.255, 809.020, 809.130 or 809.470 refer to judgments of the type described in this section, the reference is to a judgment that meets all of the following requirements:
(1) It must have become final by expiration, without appeal, of the time within which an appeal might have been perfected or by final affirmation on appeal.
(2) It must be rendered by a court of competent jurisdiction of any state or of the United States.
(3) It must be upon a cause of action for damages of the type described under subsection (4) of this section or upon a cause of action on an agreement of settlement for such damages.
(4) It must be for one or more of the following kinds of damage arising out of a motor vehicle accident on public or private property:
(a) Damages, including damages for care and loss of services, because of bodily injury to or death of any person.
(b) Damages because of injury to or destruction of property, including the loss of use thereof. [1983 c.338 §840; 1985 c.16 §424; 1987 c.258 §1; 1995 c.41 §4; 2003 c.175 §4]
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