(a) When an action to recover damages has been settled, any settling defendant shall tender all sums due from such settling defendant to any settling plaintiff or such plaintiff’s agent not later than thirty days after receipt by the person or office designated in writing to the settling plaintiff or such plaintiff’s agent by the settling defendant at the time of settlement of a duly executed release and a withdrawal discontinuing any court action, if any such action is pending, that are tendered by such settling plaintiff or plaintiff’s agent and are executed by or on behalf of the settling plaintiff. If no such person or office is so designated, a settling plaintiff may tender such settlement documents to the settling defendant’s attorney or the representative of the settling defendant’s insurer with whom the settlement agreement was reached and such settling defendant shall tender all sums due from such settling defendant to any settling plaintiff or such plaintiff’s agent not later than thirty days after receipt of such settlement documents by the settling defendant’s attorney or the representative of the settling defendant’s insurer.

(b) In an action that requires judicial approval of the settlement, the plaintiff shall also tender a copy of the order of the Probate Court or other order approving such settlement with the duly executed release and withdrawal discontinuing any pending court action executed on behalf of the plaintiff.

(c) In the event that a settling defendant or insurer fails to promptly tender all sums as required by subsection (a) of this section, a default judgment shall be entered by the court on behalf of any unpaid plaintiff against such defendant twenty days after such plaintiff files a motion for a default judgment with the court and serves such motion upon the representative of the insurer with whom the settlement was reached or the defendant with whom the settlement was reached. Such motion shall be accompanied by an affidavit executed by the plaintiff or the plaintiff’s attorney setting forth the terms of such settlement with supporting documentation attached.

(d) Any insurer or defendant with whom the settlement was reached that fails to tender settlement proceeds within the time limit set forth in this section shall be liable for interest at a rate of twelve per cent a year on the amount of such settlement proceeds computed from the date such time limit expired.

(e) As used in this section, “tender” means either to personally deliver or cause to be delivered or to mail by registered or certified mail, return receipt requested. An insurer or a defendant may otherwise prove tender by presenting evidence that the settlement sums due from such insurer or such defendant were received by the settling plaintiff or such plaintiff’s agent.