§ 50–1301.49. Required payments; amounts; settlements.

(a) Judgments herein referred to shall, for the purpose of this chapter only, be deemed satisfied:

(1) When $10,000 has been credited upon any judgment or judgments rendered in excess of that amount because of bodily injury to or death of 1 person as the result of any one accident; or

(2) When, subject to such limit of $10,000 because of bodily injury to or death of 1 person, the sum of $20,000 has been credited upon any judgment or judgments rendered in excess of that amount because of bodily injury or death of 2 or more persons as the result of any one accident; or

(3) When $5,000 has been credited upon any 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 accident.

(b) Payments made in settlements of any claims because of bodily injury, death, or property damage arising from such accident shall be credited in reduction of the amounts provided for in this section.