(1) This section establishes when a judgment described under ORS 806.040 is settled for purposes of ORS 809.130, 809.280 and 809.415. A judgment shall be deemed settled for the purposes described if any of the following occur:
(a) Payments in the amounts established by the payment schedule under ORS 806.070 have been credited upon any judgment or judgments rendered in excess of those amounts.
(b) Judgments rendered for less than the amounts established under ORS 806.070 have been satisfied.
(c) The judgment creditor and the judgment debtor have mutually agreed upon a compromise settlement of the judgment.
(d) The judgment against the judgment debtor has been discharged in bankruptcy.
(2) Payments made in settlement of any claims because of bodily injury, death or property damage arising from the accident shall be credited in reduction of the amounts provided for in subsection (1) of this section. [1983 c.338 §360; 1985 c.16 §175; 2003 c.175 §11; 2003 c.402 §33]
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