46.2-419 - When judgment satisfied. - Virginia Statutes

§ 46.2-419. When judgment satisfied.

A. Every judgment for damages in any motor vehicle accident referred to inthis chapter shall, for the purpose of this chapter, be satisfied:

1. When paid in full or when $25,000 has been credited upon any judgment orjudgments rendered in excess of that amount because of bodily injury to ordeath of one person as the result of any one accident;

2. When, subject to the limit of $25,000 because of bodily injury to or deathof one person, the judgment has been paid in full or when the sum of $50,000has been credited upon any judgment or judgments rendered in excess of thatamount because of bodily injury to or death of two or more persons as theresult of any one accident;

3. When the judgment has been paid in full or when $20,000 has been creditedupon any judgment or judgments rendered in excess of that amount because ofinjury to or destruction of property of others as a result of any oneaccident; or

4. When the judgment has been discharged in bankruptcy.

B. Payments made in settlement of any claims because of bodily injury, deathor property damage arising from a motor vehicle accident shall be credited inreduction of the amount provided in this section.

(Code 1950, § 46-431; 1954, c. 378; 1958, cc. 501, 541, § 46.1-444; 1968, c.685; 1970, c. 272; 1972, cc. 47, 433; 1975, c. 382; 1978, c. 550; 1989, cc.621, 727.)