Virginia Code 46.2-419: When judgment satisfied.
A. For all policies effective on or after January 1, 2022, but prior to January 1, 2025, every judgment for damages in any motor vehicle accident referred to in this chapter shall, for the purpose of this chapter, be satisfied:
Terms Used In Virginia Code 46.2-419
- 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.
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- Person: includes any individual, corporation, partnership, association, cooperative, limited liability company, trust, joint venture, government, political subdivision, or any other legal or commercial entity and any successor, representative, agent, agency, or instrumentality thereof. See Virginia Code 1-230
- 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.
- Vehicle: means every device in, on or by which any person or property is or may be transported or drawn on a highway, except personal delivery devices and devices moved by human power or used exclusively on stationary rails or tracks. See Virginia Code 46.2-100
1. When paid in full or when $30,000 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 accident;
2. When, subject to the limit of $30,000 because of bodily injury to or death of one person, the judgment has been paid in full or when the sum of $60,000 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 accident;
3. When the judgment has been paid in full or 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 accident; or
4. When the judgment has been discharged in bankruptcy.
B. For all policies effective on or after January 1, 2025, every judgment for damages in any motor vehicle accident referred to in this chapter shall, for the purposes of this chapter, be satisfied:
1. When paid in full or when $50,000 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 accident;
2. When, subject to the limit of $50,000 because of bodily injury to or death of one person, the judgment has been paid in full or when the sum of $100,000 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 accident;
3. When the judgment has been paid in full or when $25,000 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 accident; or
4. When the judgment has been discharged in bankruptcy.
C. Payments made in settlement of any claims because of bodily injury, death or property damage arising from a motor vehicle accident shall be credited in reduction of the amount provided in this section.
Code 1950, § 46-431; 1954, c. 378; 1958, cc. 501, 541, § 46.1-444; 1968, c. 685; 1970, c. 272; 1972, cc. 47, 433; 1975, c. 382; 1978, c. 550; 1989, cc. 621, 727; 2021, Sp. Sess. I, c. 273.