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 Oklahoma Statutes (Last Updated: September 18, 2014)
 Title 47. MOTOR VEHICLES

  § 47-7-316. Payments sufficient to satisfy requirements.  

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

    1.  When the minimum liability insurance limits are met; or

    2.  When any combination of amounts as prescribed by the minimum liability insurance limits and as appropriate to the consequences of the accident, has been credited upon any judgment or judgments rendered in excess of that amount because of a combination of bodily injury to or death of any number of persons and because of injury to or destruction of property of others as a result of any one accident.

    B.  Provided, however, payments made in settlements of any claims because of bodily injury, death or property damage arising from the accident shall be credited in reduction of the amounts provided for in this section.

Added by Laws 1961, p. 360, § 7-316, eff. Sept. 1, 1961.  Amended by Laws 1980, c. 235, § 4, eff. Jan. 1, 1981; Laws 2005, c. 394, § 5, emerg. eff. June 6, 2005; Laws 2009, c. 62, § 19, eff. Nov. 1, 2009.