Section 56-9-480. Satisfaction of judgments; payments sufficient to satisfy requirements.

SC Code § 56-9-480 (2019) (N/A)

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Judgments referred to in this article must, for the purpose of this article only, be considered satisfied:

(1) when twenty-five thousand dollars has been credited upon any judgments rendered in excess of that amount because of bodily injury to or death of one person as the result of any one accident;

(2) when, subject to the limit of twenty-five thousand dollars because of bodily injury to or death of one person, the sum of fifty thousand dollars has been credited upon any judgments rendered in excess of that amount because of bodily injury to or death of two or more persons as the result of any one accident; or

(3) when twenty-five thousand dollars has been credited upon any judgments rendered in excess of that amount because of injury to or destruction of property of others as a result of any one accident.

Payments made in settlement of any claims because of bodily injury, death, or property damage arising from a motor vehicle accident must be credited in reduction of the amounts provided for in this section.

HISTORY: 1962 Code Section 46-742; 1952 (47) 1853; 1959 (51) 567; 1987 Act No. 155, Section 7; 2013 Act No. 47, Section 4, eff January 1, 2014.

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Section 56-9-490. Installment payment of judgment; effect of default.