Oregon Statutes 809.470 – When judgment considered settled for purposes of suspension requirements
(1) This section establishes when a judgment described under ORS § 806.040 is settled for purposes of ORS § 809.130, 809.280 and 809.415. A judgment shall be deemed settled for the purposes described if any of the following occur:
Terms Used In Oregon Statutes 809.470
- Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
- 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.
(a) Payments in the amounts established by the payment schedule under ORS § 806.070 have been credited upon any judgment or judgments rendered in excess of those amounts.
(b) Judgments rendered for less than the amounts established under ORS § 806.070 have been satisfied.
(c) The judgment creditor and the judgment debtor have mutually agreed upon a compromise settlement of the judgment.
(d) The judgment against the judgment debtor has been discharged in bankruptcy.
(2) Payments made in settlement of any claims because of bodily injury, death or property damage arising from the accident shall be credited in reduction of the amounts provided for in subsection (1) of this section. [1983 c.338 § 360; 1985 c.16 § 175; 2003 c.175 § 11; 2003 c.402 § 33]