63-15-21 - Custody, disposition and return of security.
§ 63-15-21. Custody, disposition and return of security.
Security deposited in compliance with the requirements of this chapter shall be placed by the department in the custody of the state treasurer and shall be applicable only to the payment of a judgment or judgments rendered against the person or persons on whose behalf the deposit was made, for damages arising out of the accident in question in an action at law, begun not later than one year after the date of such accident, or within one year after the date of deposit of any security under provision 3 of Section 63-15-15, or to the payment in settlement, agreed to by the depositor, of a claim or claims arising out of such accident. Such deposit or any balance thereof shall be returned to the depositor or his personal representative when evidence satisfactory to the department has been filed with it that there has been a final adjudication of nonliability, or a duly acknowledged agreement in accordance with provision 2 of Section 63-15-13, or whenever, after the expiration of one year from the date of the accident, or two years from the date of deposit of any security under provision 3 of Section 63-15-15, the department shall be given reasonable evidence that there is no such action pending and no judgment rendered in such action left unpaid.
Sources: Codes, 1942, § 8285-10; Laws, 1952, ch. 359, § 10; Laws, 1960, ch. 411, § 4, eff July 1, 1960.