§ 27-19-701 - Definitions. - Arkansas Statutes

27-19-701. Definitions.

As used in this subchapter:

(1) "Judgment" means any judgment which shall have become final by expiration without appeal of the time within which an appeal might have been perfected, or by final affirmation on appeal, rendered by a court of competent jurisdiction of any state or of the United States, upon a cause of action arising out of the ownership, maintenance, or use of any vehicle of a type subject to registration under the laws of this state, for damages, including damages for care and loss of services, because of bodily injury to or death of any person, or for damages because of injury to or destruction of property, including the loss of use thereof, or upon a cause of action on an agreement of settlement for damages;

(2) (A) "Proof of financial responsibility for the future" means proof of ability to respond in damages for liability, on account of accidents occurring subsequently to the effective date of said proof, arising out of the ownership, maintenance, or use of a vehicle of a type subject to registration under the laws of this state, in the amount of twenty-five thousand dollars ($25,000) because of bodily injury to or death of one (1) person in any one (1) accident, and subject to said limit for one (1) person, in the amount of fifty thousand dollars ($50,000) because of bodily injury to or death of two (2) or more persons in any one (1) accident, and in the amount of twenty-five thousand dollars ($25,000) because of injury to or destruction of property of others in any one (1) accident.

(B) Wherever used in this subchapter, the terms "proof of financial responsibility" or "proof" shall be synonymous with the term "proof of financial responsibility for the future"; and

(3) "State" means any state, territory, or possession of the United States, the District of Columbia, or any province or territory of Canada.