Maine Revised Statutes Title 29-A Sec. 1607 – Satisfied judgments
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1. Satisfaction. To meet the obligation of financial responsibility only, a judgment is satisfied:
A. When $50,000 has been credited on a judgment for bodily injury to or death of one person as the result of one accident rendered in excess of that amount; [PL 1997, c. 176, §7 (AMD); PL 1997, c. 176, §8 (AFF).]
B. Subject to paragraph A, when $100,000 has been credited on a judgment for bodily injury to or death of 2 or more people as the result of one accident rendered in excess of that amount; or [PL 1997, c. 176, §7 (AMD); PL 1997, c. 176, §8 (AFF).]
C. When $25,000 has been credited on a judgment for injury to or destruction of property of others as a result of one accident rendered in excess of that amount. [PL 1997, c. 176, §7 (AMD); PL 1997, c. 176, §8 (AFF).]
[PL 1997, c. 176, §7 (AMD); PL 1997, c. 176, §8 (AFF).]
Terms Used In Maine Revised Statutes Title 29-A Sec. 1607
- Judgment: means a judgment that has become final without appeal by expiration of the time within which appeal might have been perfected, or by final affirmance on appeal, rendered by a court of competent jurisdiction of any state or of the United States. See Maine Revised Statutes Title 29-A Sec. 1551
- Motor vehicle: means a self-propelled vehicle not operated exclusively on railroad tracks, but does not include:
A. See Maine Revised Statutes Title 29-A Sec. 101Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period. Person: means every person, firm, copartnership, association or corporation, but not the State or any political subdivision of the State. See Maine Revised Statutes Title 29-A Sec. 1551 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.
2. Settlement payments. Payments made in settlement of a claim for bodily injury, death or property damage arising from a motor vehicle accident must be credited against the amounts provided for in this section.
[PL 1993, c. 683, Pt. A, §2 (NEW); PL 1993, c. 683, Pt. B, §5 (AFF).]
SECTION HISTORY
PL 1993, c. 683, §A2 (NEW). PL 1993, c. 683, §B5 (AFF). PL 1997, c. 176, §7 (AMD). PL 1997, c. 176, §8 (AFF).