Security deposited in compliance with the requirements of this chapter shall be delivered to the executive director and shall be placed by the executive director in the custody of the State Treasurer and shall be released only: (1) Upon a certificate of the executive director 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 two years after the date of the accident or within two years after the date of deposit of any security under subdivision (1) of subsection (c) of section 15-107, or in the payment of a settlement, agreed to by the depositor and all the claimants, of a claim or claims arising out of the accident; (2) upon a certificate of the executive director issued after ten days' notification of all claimants upon evidence satisfactory to the executive director that all claims arising from such accident have been satisfied by either (A) a release from liability, (B) a judgment of nonliability, (C) a written agreement in accordance with subdivision (8) of subsection (c) of section 15-105, or (D) whenever after the expiration of two years from the time of the accident or from the date of deposit of any security under subdivision (1) of subsection (c) of section 15-107, the executive director is given satisfactory evidence that there is no such action pending and that no judgment rendered in any such action is unpaid; (3) upon the certificate of the executive director that other security, complying with subsection (a) of section 15-110 and satisfactory in form, character and amount, has been deposited with it in lieu of the original security deposited hereunder.
(1959, P.A. 488, S. 10; 1969, P.A. 768, S. 202; 1971, P.A. 146, S. 4; P.A. 15-192, S. 56.)
History: 1969 act replaced “department”, i.e. aeronautics department, with “commissioner”, i.e. commissioner of transportation; 1971 act allowed release of security after two years, rather than one year, from date of accident or deposit of security; P.A. 15-192 replaced “commissioner” with “executive director” and made technical changes, effective July 2, 2015.