Sec. 15-111. Custody and release of security.
Sec. 15-111. Custody and release of security. Security deposited in compliance
with the requirements of this chapter shall be delivered to the commissioner and shall
be placed by him in the custody of the State Treasurer and shall be released only: (a)
Upon a certificate of the commissioner in the payment of a judgment rendered against
the person or persons on whose behalf the deposit was made, for damages arising out
of the accident in a civil action begun not later than two years after the date of the
accident or within two years after the date of deposit of any security under subdivision
(1) of subsection (c) of section 15-107, or in the payment of a settlement, agreed to by
the depositor and all the claimants, of a claim or claims arising out of the accident; (b)
upon a certificate of the commissioner issued after ten days' notification of all claimants
upon evidence satisfactory to the commissioner that all claims arising from such accident
have been satisfied by either (1) a release from liability, or (2) a judgment of nonliability,
or (3) a written agreement in accordance with subdivision (8) of subsection (c) of section
15-105, or whenever after the expiration of two years from the time of the accident or
from the date of deposit of any security under subdivision (1) of subsection (c) of section
15-107, the commissioner is given satisfactory evidence that there is no such action
pending and that no judgment rendered in any such action is unpaid; (c) upon the certificate of the commissioner that other security, complying with subsection (a) of section
15-110 and satisfactory in form, character and amount, has been deposited with it in
lieu of the original security deposited hereunder.
(1959, P.A. 488, S. 10; 1969, P.A. 768, S. 202; 1971, P.A. 146, S. 4.)
History: 1969 act replaced "department", i.e. aeronautics department, with "commissioner", i.e. commissioner of transportation; 1971 act allowed release of security after two years, rather than one year, from date of accident or deposit of
security.