1. Security deposited in compliance with the requirements of this chapter shall be deposited with the director of revenue, 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 subdivision (3) of section 303.140, or to the payment in settlement, agreed to by the depositor, of a claim or claims arising out of such accident.

2. The deposit or balance thereof shall be returned to the depositor, his personal representative, or an assignee when evidence satisfactory to the director has been filed with him that there has been a release from liability, or a final adjudication of nonliability, or a duly acknowledged agreement, in accordance with subdivision (3) of section 303.070, or whenever, after the expiration of one year from the date of the accident, or from the date of any security required under subdivision (3) of section 303.140, the director shall be given reasonable evidence that there is no such action pending and no judgment rendered in such action left unpaid.

Terms Used In Missouri Laws 303.060

  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • Director: director of revenue of the state of Missouri, acting directly or through his authorized officers and agents. See Missouri Laws 303.020
  • 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.
  • Judgment: a final judgment by a court of competent jurisdiction of any state or of the United States, upon a claim for relief for damages, including damages for care and loss of services, because of bodily injury to or death of any person, or for damages because of injury to or destruction of property, including the loss of use thereof, or upon a claim for relief on any agreement or settlement for such damages arising out of the ownership, maintenance or use of any motor vehicle. See Missouri Laws 303.020
  • person: may extend and be applied to bodies politic and corporate, and to partnerships and other unincorporated associations. See Missouri Laws 1.020
  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.