Michigan Laws 257.514 – When judgments deemed satisfied
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Judgments herein referred to shall, for the purpose of this chapter only, be deemed satisfied:
1. When $20,000.00 is credited upon any judgment or judgments rendered in excess of that amount because of bodily injury to or death of 1 person as the result of any one accident; or
Terms Used In Michigan Laws 257.514
- person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l
2. When, subject to such limit of $20,000.00 because of bodily injury to or death of 1 person, the sum of $40,000.00 is credited upon any judgment or judgments rendered in excess of that amount because of bodily injury to or death of 2 or more persons as the result of any one accident; or
3. When $10,000.00 is credited upon any judgment or judgments rendered in excess of that amount because of injury to or destruction of property of others as a result of any one accident.