(1) Every judgment referred to in this article and for the purposes of this article shall be deemed satisfied:

(a) When twenty-five thousand dollars has been credited upon any judgment rendered in excess of that amount for or on account of bodily injury to or the death of one person as the result of any one accident; or

(b) When, subject to said limit of twenty-five thousand dollars as to one person, the sum of fifty thousand dollars has been credited upon any judgment rendered in excess of that amount for or on account of bodily injury to or the death of more than one person as the result of any one accident; or

(c) When fifteen thousand dollars has been credited upon any judgment rendered in excess of that amount for damage to property of others in excess of one hundred dollars as a result of any one accident; or

(d) When six years have elapsed since the date that such judgment became final; or

(e) When three years, or such other period as authorized pursuant to section 42-7-408 (1), have elapsed since the judgment debtor gives proof of financial responsibility; except that this paragraph (e) shall not apply to any judgment debtor subject to paragraph (d) of this subsection (1).

(2) Credit for such amounts shall be deemed a satisfaction of any such judgment in excess of said amounts only for the purposes of this article.

(3) Whenever payment has been made in settlement of any claims for bodily injury, death, or property damage arising from a motor vehicle accident resulting in injury, death, or property damage to two or more persons in such accident, any such payment shall be credited in reduction of the amounts provided for in this section.