(a) Security provided under this subchapter shall be applicable and available only for:
(1) The payment of any settlement agreement covering any claim arising out of the accident upon instruction of the person who made the deposit; or
(2) The payment of a judgment rendered against the person required to make the deposit for damages arising out of the accident in an action at law begun not later than one (1) year after the deposit of the security, or within one (1) year after the date of deposit of any security following failure to make payments under an agreement to pay.
(b) Every distribution of funds from the security deposits shall be subject to the limits of the amounts required under this subchapter.
Structure Arkansas Code
Subtitle 2 - Motor Vehicle Registration and Licensing
Chapter 19 - Motor Vehicle Safety Responsibility Act
Subchapter 6 - Security Following Accident
§ 27-19-601. Applicability generally
§ 27-19-603. Determination and notice of amount of security required
§ 27-19-604. Exceptions to security requirement
§ 27-19-605. Requirements as to policy or bond
§ 27-19-606. Designation of persons covered
§ 27-19-607. Form and amount of security
§ 27-19-608. Reduction in premium for certain persons completing accident prevention course
§ 27-19-609. Authority to adjust amount limited
§ 27-19-610. Suspension for failure to deposit security
§ 27-19-611. Duration of suspension
§ 27-19-612. Agreements for payment of damages
§ 27-19-613. Release from liability
§ 27-19-614. Adjudication of nonliability
§ 27-19-615. Payment upon judgment
§ 27-19-616. Termination of security requirements
§ 27-19-617. Disposition of security
§ 27-19-618. Return of deposit
§ 27-19-619. Forfeiture when not claimed within certain period