303.060. Security deposited with director of revenue — used to pay judgment — return.

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303.060. Security deposited with director of revenue — used to pay judgment — return. — 1. Security deposited in compliance with the requirements of this chapter shall be deposited with the director of revenue, and 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 accident in question in an action at law, begun not later than one year after the date of such accident, or within one year after the date of deposit of any security under subdivision

(3)of section 303.140 , or to the payment in settlement, agreed to by the depositor, of a claim or claims arising out of such accident.

2. The deposit or balance thereof shall be returned to the depositor, his personal representative, or an assignee when evidence satisfactory to the director has been filed with him that there has been a release from liability, or a final adjudication of nonliability, or a duly acknowledged agreement, in accordance with subdivision

(3)of section 303.070 , or whenever, after the expiration of one year from the date of the accident, or from the date of any security required under subdivision

(3)of section 303.140 , the director shall be given reasonable evidence that there is no such action pending and no judgment rendered in such action left unpaid.

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

Effective 7-01-87