2017 Michigan Compiled Laws
Chapter 257 - Motor Vehicles
Act 300 of 1949 MICHIGAN VEHICLE CODE (257.1 - 257.923)
300-1949-V CHAPTER V FINANCIAL RESPONSIBILITY ACT (257.501...257.532)
300-1949-V-PROOF-OF-FINANCIAL-RESPONSIBILITY-FOR-THE-FUTURE PROOF OF FINANCIAL RESPONSIBILITY FOR THE FUTURE (257.511...257.528)
Section 257.514 When judgments deemed satisfied.
Sec. 514.
Judgments herein referred to shall, for the purpose of this chapter only, be deemed satisfied:
1. When $20,000.00 is credited upon any judgment or judgments rendered in excess of that amount because of bodily injury to or death of 1 person as the result of any one accident; or
2. When, subject to such limit of $20,000.00 because of bodily injury to or death of 1 person, the sum of $40,000.00 is credited upon any judgment or judgments rendered in excess of that amount because of bodily injury to or death of 2 or more persons as the result of any one accident; or
3. When $10,000.00 is 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.
History: 1949, Act 300, Eff. Sept. 23, 1949 ;-- Am. 1958, Act 155, Eff. Sept. 13, 1958 ;-- Am. 1971, Act 191, Imd. Eff. Dec. 20, 1971
