55-12-112 - Custody of security Payment of judgments Return of deposit. - Tennessee Statutes

55-12-112. Custody of security Payment of judgments Return of deposit.

(a)  Any money deposited with the commissioner in compliance with the requirements of this chapter shall be deposited by the commissioner in the custody of the state treasurer, and shall be applicable only to the payment of a judgment or judgments rendered against the person making the deposit or the person in whose behalf the deposit was made. The commissioner is authorized to pay out of any funds deposited in compliance with the requirements of this chapter, the amount of any final judgment returned against the party making the deposit or the person in whose behalf the deposit was made, upon receipt of a certified copy of the final judgment.

(b)  After expiration of one (1) year from the date of the accident for which deposit has been made, the commissioner shall, upon receipt of a sworn statement of the party making the deposit that no court action has been brought as a result of the accident for which the deposit was made, return the deposit to the person making the deposit. Should the commissioner have reason to believe that this sworn statement is not true, additional proof may be required to substantiate the statement as the commissioner considers necessary.

[Acts 1977, ch. 446, § 12; T.C.A., § 59-1262.]