Security deposited in compliance with the requirements of this chapter shall be delivered to the agency and shall be placed by the agency in the custody of the State Treasurer and shall be released only:

1. (a) Upon certificate of the agency in the payment of a judgment rendered against the person or persons on whose behalf the deposit was made, for damages arising out of the accident in a civil action, begun not later than one year after the date of the accident or within one year after the date of deposit of any security under subsection (c) of Section 55-8-60, or in the payment of a settlement agreed to by the depositor and all the claimants, of a claim arising out of the accident.
2. (b) Upon certificate of the agency issued after ten days' notification of all claimants upon evidence satisfactory to the agency that all such claims arising form such accident have been satisfied by either (1) a release from liability or (2) a judgment of non-liability, or (3) a written agreement in accordance with paragraph eight of subsection (c) of Section 55-8-40, or whenever, after the expiration of one year from the time of the accident or from the date of deposit of any security under subsection (c) of Section 55-8-60, the agency is given evidence satisfactory that there is no such action pending and that no judgment rendered in any such action is unpaid.
3. (c) Upon the certificate of the agency that other security complying with subsection (a) of Section 55-8-90 and satisfactory in form, character and amount, has been deposited with it in lieu of the original security deposited hereunder.

HISTORY: 1978 Act No. 563 Section 10.