Conditions for satisfaction of judgment
Sec. 5. (a) A judgment referred to in this chapter is considered
satisfied only when the following conditions are fulfilled as
appropriate:
(1) Subject to the limit in subdivision (2), twenty-five thousand
dollars ($25,000) has been credited upon a judgment rendered
in excess of that amount because of bodily injury to or death of
one (1) person as the result of one (1) accident.
(2) Fifty thousand dollars ($50,000) has been credited upon a
judgment rendered in excess of that amount because of bodily
injury to or death of two (2) or more persons as the result of any
one (1) accident.
(3) Ten thousand dollars ($10,000) has been credited upon a
judgment or judgments rendered in excess of that amount
because of injury to or destruction of property of others as a
result of any one (1) accident.
(4) The judgment is satisfied by payment accepted by the
judgment creditor in full satisfaction of all claims arising from
bodily injury, death, or property damage arising from the motor
vehicle accident involved in the judgment.
(b) A payment made in settlement of a claim because of bodily
injury, death, or property damage arising from a motor vehicle
accident shall be credited in reduction of the amounts provided for
in this section.
As added by P.L.2-1991, SEC.13.
Last modified: May 27, 2006