(a) For purposes of this subtitle, a judgment is considered satisfied if:
(1) It is paid to the judgment creditor or into the court that rendered the judgment, either in full or up to the minimum required security amounts required under the Maryland Vehicle Law; or
(2) An order of satisfaction is filed with the court that rendered the judgment.
(b) A payment made in settlement of any claim because of bodily injury, death, or property damage arising from the accident shall be credited in reduction of the payment required by subsection (a) (1) of this section.