New York Consolidated Laws, Vehicle and Traffic Law - VAT § 333. Payments sufficient to satisfy requirements of this article

Every judgment herein referred to shall for the purpose of this article only be deemed satisfied:  (a) When twenty-five thousand dollars has been credited upon any judgment or judgments rendered in excess of that amount because of bodily injury to or when fifty thousand dollars has been credited upon any judgment or judgments rendered in excess of that amount because of death of one person as the result of any one accident;  or

(b) When subject to such limit of twenty-five thousand dollars because of bodily injury to or fifty thousand dollars because of death of one person, the sum of fifty thousand dollars has been credited upon any judgment or judgments rendered in excess of that amount because of bodily injury to or when one hundred thousand dollars has been credited upon any judgment or judgments rendered in excess of that amount because of death of two or more persons as the result of any one accident;  or

(c) When ten thousand dollars 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.

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 amounts provided for in this section.