Iowa Code 321A.10 – Custody, disposition, and return of security
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1. Security deposited in compliance with the requirements of sections 321A.4 through 321A.9, this section, and section 321A.11 shall be placed by the department in the custody of the state treasurer 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 section 321A.7, subsection 3.
Terms Used In Iowa Code 321A.10
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- Department: means the state department of transportation. See Iowa Code 321A.1
- Department: means the state department of transportation. See Iowa Code 321H.2
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- following: when used by way of reference to a chapter or other part of a statute mean the next preceding or next following chapter or other part. See Iowa Code 4.1
- Judgment: means a judgment which has become final by expiration without appeal during the time within which an appeal might have been perfected, or a judgment if an appeal from the judgment has been perfected, which has not been stayed by the execution, filing, and approval of a bond as provided in rule of Iowa Code 321A.1
- State: means any state, territory, or possession of the United States, the District of Columbia, or any province of the Dominion of Canada. See Iowa Code 321A.1
- year: means twelve consecutive months. See Iowa Code 4.1
2. The deposit or any balance of the deposit shall be returned to the depositor or the depositor’s personal representative when evidence satisfactory to the department has been filed with the department that one of the following has occurred:
a. There has been a release from liability, or a final adjudication of nonliability, or a warrant for confession of judgment, or a duly acknowledged agreement, in accordance with section 321A.6, subsection 4.
b. Whenever, after the expiration of one year from the date of the accident, or within one year after the date of deposit of any security under section 321A.7, subsection 3, the department is given reasonable evidence that there is no action for damages arising out of the accident pending and no judgment rendered in any such action has been left unpaid.