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Iowa Code Title VIII. Transportation [Chs. 306-330B] § 321A.10. Custody, disposition, and return of security

Current as of January 01, 2024 | Updated by Findlaw Staff

1. Security deposited in compliance with the requirements of sections 321A.4 through 321A.9, this section, and section 321A.11 shall be placed by the department in the custody of the state treasurer and shall be applicable only to the payment of a judgment or judgments rendered against the person or 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 one year after the date of such accident, or within one year after the date of deposit of any security under section 321A.7, subsection 3.

2. The deposit or any balance of the deposit shall be returned to the depositor or the depositor's personal representative when evidence satisfactory to the department has been filed with the department that one of the following has occurred:

a. There has been a release from liability, or a final adjudication of nonliability, or a warrant for confession of judgment, or a duly acknowledged agreement, in accordance with section 321A.6, subsection 4.

b. Whenever, after the expiration of one year from the date of the accident, or within one year after the date of deposit of any security under section 321A.7, subsection 3, the department is given reasonable evidence that there is no action for damages arising out of the accident pending and no judgment rendered in any such action has been left unpaid.

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Cite this article: FindLaw.com - Iowa Code Title VIII. Transportation [Chs. 306-330B] § 321A.10. Custody, disposition, and return of security - last updated January 01, 2024 | https://codes.findlaw.com/ia/title-viii-transportation-chs-306-330b/ia-code-sect-321a-10/

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