Texas Transportation Code 601.166 – Payment of Cash Security
Current as of: 2024 | Check for updates
|
Other versions
(a) Cash security may be applied only to the payment of:
(1) a judgment rendered against the person on whose behalf the deposit is made for damages arising out of the collision; or
(2) a settlement, agreed to by the depositor, of a claim arising out of the collision.
(b) For payment under Subsection (a), the action under which the judgment was rendered must have been instituted before the second anniversary of the later of:
(1) the date of the collision; or
(2) the date of the deposit, in the case of a deposit of security under § 601.162(b).
Terms Used In Texas Transportation Code 601.166
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- Person: includes corporation, organization, government or governmental subdivision or agency, business trust, estate, trust, partnership, association, and any other legal entity. See Texas Government Code 311.005
- 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.