284(1)The bond filed with the Registrar and the money or securities deposited with the Minister shall be held as security for any judgment against the owner or driver filing the bond or making the deposit in any action arising out of injury or damage caused after the filing or deposit by the operation of a motor vehicle to any person or property, other than to the owner or driver or to the property of the owner or driver being carried on or in the vehicle.

284(2)Money and securities so deposited with the Minister shall not be subject to any claim or demand, except an execution on a judgment for damages, for personal injuries, or death, or injury to property, occurring after such deposit, as a result of the operation of a motor vehicle.

284(3)If a judgment to which this Part applies is rendered against the principal named in the bond filed with the Registrar with respect to injury or damage to any person or property, other than to the owner or driver or to the property of the owner or driver carried on or in a vehicle, and the judgment is not satisfied within fifteen days after it has been rendered, the Registrar shall assign the bond to the judgment creditor or, if an insurer is subrogated under section 266 of the Insurance Act to all rights of recovery that the judgment creditor has against the judgment debtor, to the subrogated insurer.