303.060. Security deposited with director of revenue--used to pay judgment--return. - Missouri Statutes

Security deposited with director of revenue--used to payjudgment--return.

303.060. 1. Security deposited in compliance with therequirements of this chapter shall be deposited with the directorof revenue, and shall be applicable only to the payment of ajudgment or judgments rendered against the person or persons onwhose behalf the deposit was made, for damages arising out of theaccident in question in an action at law, begun not later thanone year after the date of such accident, or within one yearafter the date of deposit of any security under subdivision (3)of section 303.140, or to the payment in settlement, agreed to bythe depositor, of a claim or claims arising out of such accident.

2. The deposit or balance thereof shall be returned to thedepositor, his personal representative, or an assignee whenevidence satisfactory to the director has been filed with himthat there has been a release from liability, or a finaladjudication of nonliability, or a duly acknowledged agreement,in accordance with subdivision (3) of section 303.070, orwhenever, after the expiration of one year from the date of theaccident, or from the date of any security required undersubdivision (3) of section 303.140, the director shall be givenreasonable evidence that there is no such action pending and nojudgment rendered in such action left unpaid.

(L. 1953 p. 569 § 303.100, A.L. 1957 p. 634, A.L. 1986 S.B. 424)

Effective 7-1-87