§ 31-31-20 - Application of security.
SECTION 31-31-20
§ 31-31-20 Application of security. –(a) The security shall be applicable and available only:
(1) For the payment of any settlement agreement covering anyclaim arising out of the accident upon instruction of the person who made thedeposit, or
(2) For the payment of a judgment or judgments, renderedagainst the person required to make the deposit, for damages arising out of theaccident in an action at law begun not later than three (3) years after thedate of an accident and/or occurrence.
(b) Every distribution of funds from the security depositsshall be subject to the limits of the division's evaluation on behalf of aclaimant.