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Section 257.514 When Judgments Deemed Satisfied.

MI Comp L § 257.514 (2019) (N/A)
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Sec. 514.

Judgments herein referred to shall, for the purpose of this chapter only, be deemed satisfied:

1. When $20,000.00 is credited upon any judgment or judgments rendered in excess of that amount because of bodily injury to or death of 1 person as the result of any one accident; or

2. When, subject to such limit of $20,000.00 because of bodily injury to or death of 1 person, the sum of $40,000.00 is credited upon any judgment or judgments rendered in excess of that amount because of bodily injury to or death of 2 or more persons as the result of any one accident; or

3. When $10,000.00 is credited upon any judgment or judgments rendered in excess of that amount because of injury to or destruction of property of others as a result of any one accident.

History: 1949, Act 300, Eff. Sept. 23, 1949 ;-- Am. 1958, Act 155, Eff. Sept. 13, 1958 ;-- Am. 1971, Act 191, Imd. Eff. Dec. 20, 1971

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