Security deposited in compliance with the requirements of this article shall be placed by the Department of Motor Vehicles in the custody of the State Treasurer and shall be applicable only to the payment of judgments rendered against the persons on whose behalf the deposit was made for damages arising out of the accident in question in an action at law begun not later than two years after the date of the accident or within two years after the date of deposit of any security under item (3) of Section 56-9-354, and this deposit or any balance thereof shall be returned to the depositor or his personal representative when evidence satisfactory to the Department has been filed with it that there has been a release from liability, a final adjudication of nonliability, a warrant for confession of judgment or a duly acknowledged agreement, in accordance with item (7) of Section 56-9-352 or whenever, after the expiration of two years from the date of the accident or within two years after the date of deposit of any security under item (3) of Section 56-9-354, the Department shall be given reasonable evidence that there is no action pending and no judgment rendered in the action left unpaid.
HISTORY: 1978 Act No. 467 Section 1.
Structure South Carolina Code of Laws
Chapter 9 - Motor Vehicle Financial Responsibility Act
Section 56-9-30. Chapter inapplicable to certain motor vehicles.
Section 56-9-40. Rights of conditional vendors, chattel mortgagees, or lessors not affected.
Section 56-9-50. Sale of vehicle when registration suspended not affected.
Section 56-9-60. Self-insurers for motor vehicles; determination of financial responsibility.
Section 56-9-80. General penalties for violations of chapter.
Section 56-9-90. Chapter as no bar to other remedies.
Section 56-9-100. Chapter is supplemental and cumulative.
Section 56-9-120. Construction.
Section 56-9-340. Surrender of license and registration; failure to surrender.
Section 56-9-353. Type and terms of policy or bond.
Section 56-9-358. Limit on security required; deposit.
Section 56-9-359. Reduction of amount of security.
Section 56-9-410. Courts shall report nonpayment of judgments to Department of Motor Vehicles.
Section 56-9-420. Report to home state of nonpayment of judgment against nonresident.
Section 56-9-460. Permitting driver subject to suspension to operate vehicle of employer.
Section 56-9-480. Satisfaction of judgments; payments sufficient to satisfy requirements.
Section 56-9-490. Installment payment of judgment; effect of default.
Section 56-9-540. Methods of proving financial responsibility.
Section 56-9-550. Certificate or notice of insurance as proof; contents, terms, and cancellation.
Section 56-9-590. Owner may give proof for employee or member of household; restrictions on license.
Section 56-9-600. Substitution of other adequate proof.
Section 56-9-610. Other proof may be required; suspension pending filing of proof.
Section 56-9-620. Cancellation or return of proof; waiver of requirements of filing proof.
Section 56-9-630. Re-establishment of cancelled or returned proof.