Sec. 7-214. Disposition of security.

289 words·~1 min read·/il/chapter-625/act-5/7-214

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Sec. 7-214. Disposition of security. Such security shall be applicable only to the payment of a judgment or judgments, rendered against the person or persons on whose behalf the deposit was made, for damages arising out of the crash in question, in an action at law, begun not later than the later of

(i)the expiration of the relevant statute of limitations or

(ii)2 years after the date of any default in any payment under an installment agreement for payment of damages, and such deposit or any balance thereof shall be returned to the depositor or his or her personal representative when evidence satisfactory to the Secretary of State has been filed with him:

1. that there has been a release from liability, or a final adjudication of

non-liability; or

2. a duly acknowledged written agreement in accordance with Section 7-208 of this Act;

3. whenever after the expiration of the statute of limitations or

(ii)2 years after the

date of any default in any payment under an installment agreement for payment of damages, the Secretary of State shall be given reasonable evidence that there is no such action pending and no judgment rendered in such action left unpaid.

If, after releasing security to a judgment debtor or claimant, the balance of the security posted with the Secretary is $5 or less, the balance shall be transferred to the General Revenue Fund. The Secretary shall compile a list of all security amounts of $5 or less annually in July and shall certify that amount to the State Comptroller. As soon as possible after receiving the certification, the State Comptroller shall order transferred and the State Treasurer shall transfer the amount certified to the General Revenue Fund.