(a) Any money deposited with the commissioner in compliance with the requirements of this chapter shall be deposited by the commissioner in the custody of the state treasurer, and shall be applicable only to the payment of a judgment or judgments rendered against the person making the deposit or the person in whose behalf the deposit was made. The commissioner is authorized to pay out of any funds deposited in compliance with the requirements of this chapter, the amount of any final judgment returned against the party making the deposit or the person in whose behalf the deposit was made, upon receipt of a certified copy of the final judgment.

Terms Used In Tennessee Code 55-12-112

  • Commissioner: means the commissioner of safety, unless otherwise indicated or unless the context otherwise requires. See Tennessee Code 55-12-102
  • Judgment: means any judgment that shall have become final by expiration without appeal of the time within which an appeal might have been perfected, or by final affirmation on appeal, rendered by a court of competent jurisdiction of any state or of the United States, upon a cause of action arising out of the ownership, maintenance, or use of any motor vehicle, 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. See Tennessee Code 55-12-102
  • Person: means a natural person, firm, copartnership, association, corporation, or an engaged ADS. See Tennessee Code 55-8-101
  • State: means any state, territory or possession of the United States, the District of Columbia, or any province of the Dominion of Canada. See Tennessee Code 55-12-102
  • Year: means a calendar year, unless otherwise expressed. See Tennessee Code 1-3-105
(b) After expiration of one (1) year from the date of the accident for which deposit has been made, the commissioner shall, upon receipt of a sworn statement of the party making the deposit that no court action has been brought as a result of the accident for which the deposit was made, return the deposit to the person making the deposit. Should the commissioner have reason to believe that this sworn statement is not true, additional proof may be required to substantiate the statement as the commissioner considers necessary.
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