Nevada Revised Statutes 485.304 – Payments sufficient to satisfy requirements
Judgments must for the purpose of this chapter only, be deemed satisfied:
Terms Used In Nevada Revised Statutes 485.304
- person: means a natural person, any form of business or social organization and any other nongovernmental legal entity including, but not limited to, a corporation, partnership, association, trust or unincorporated organization. See Nevada Revised Statutes 0.039
- 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.
1. When $25,000 has been credited upon any judgment or judgments rendered in excess of that amount because of bodily injury to or death of one person as the result of any one crash;
2. When, subject to the limit of $25,000 because of bodily injury to or death of one person, the sum of $50,000 has been credited upon any judgment or judgments rendered in excess of that amount because of bodily injury to or death of two or more persons as the result of any one crash; or
3. When $20,000 has been 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 crash, but payments made in settlement of any claims because of bodily injury, death or property damage arising from a motor vehicle crash must be credited in reduction of the amounts provided for in this section.