Judgments herein referred to shall, for the purpose of this chapter only, be deemed satisfied:

1. (1) When $25,000 is credited upon any judgment or judgments rendered in excess of that amount because of accidental harm sustained by any one person as a result of any one accident applicable to each person sustaining accidental harm; or

2. (2) When $10,000 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.

   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.

[L 1949, c 393, pt of §1; RL 1955, §160-96; am L 1963, c 98, §1; HRS §287-18; am L 1982, c 210, §5]