1774 - Payments sufficient to satisfy judgments. - Pennsylvania Statutes

§ 1774. Payments sufficient to satisfy judgments. (a) General rule.--For the purpose of this chapter only, judgments shall be deemed satisfied upon the occurrence of one of the following: (1) When $15,000 has been credited upon any judgment or judgments rendered in excess of that amount because of injury to one person as the result of any one accident. (2) When $30,000 has been credited upon any judgment or judgments rendered in excess of that amount because of injury to two or more persons as the result of any one accident. (3) When $5,000 has been credited upon any judgment or judgments rendered in excess of that amount because of damage to property of others as the result of any one accident. (b) Credit for payment under settlement.--Payments made in settlement of any claims because of bodily injury or property damage arising from a motor vehicle accident shall be credited in reduction of the amounts provided for in this section. (c) Escrow deposit by judgment debtor.--When the judgment creditor cannot be found, the judgment debtor may deposit in escrow with the prothonotary of the court where the judgment was entered an amount equal to the amount of the judgment, subject to the limits set forth in subsection (a), interest to date and record costs, whereupon the prothonotary shall notify the department and the judgment shall be deemed satisfied. The amount deposited shall be retained by the prothonotary for a period of five years from the date of the deposit, after which, if it has not been claimed by the judgment creditor, it shall be returned to the judgment debtor. When the deposit is made, the prothonotary shall notify the judgment creditor and his counsel, if any, by certified or registered mail at his last known address. No interest shall run on any judgment with respect to the amount deposited with the prothonotary under the terms of this subsection. (Feb. 12, 1984, P.L.53, No.12, eff. Oct. 1, 1984) Cross References. Section 1774 is referred to in sections 1553, 1554, 1787 of this title.