C.R.S. Section 42-7-403
Sufficiency of payments

(1)

Every judgment referred to in this article and for the purposes of this article shall be deemed satisfied:

(a)

When twenty-five thousand dollars has been credited upon any judgment rendered in excess of that amount for or on account of bodily injury to or the death of one person as the result of any one accident; or

(b)

When, subject to said limit of twenty-five thousand dollars as to one person, the sum of fifty thousand dollars has been credited upon any judgment rendered in excess of that amount for or on account of bodily injury to or the death of more than one person as the result of any one accident; or

(c)

When fifteen thousand dollars has been credited upon any judgment rendered in excess of that amount for damage to property of others in excess of one hundred dollars as a result of any one accident; or

(d)

When six years have elapsed since the date that such judgment became final; or

(e)

When three years, or such other period as authorized pursuant to section 42-7-408 (1), have elapsed since the judgment debtor gives proof of financial responsibility; except that this paragraph (e) shall not apply to any judgment debtor subject to paragraph (d) of this subsection (1).

(2)

Credit for such amounts shall be deemed a satisfaction of any such judgment in excess of said amounts only for the purposes of this article.

(3)

Whenever payment has been made in settlement of any claims for bodily injury, death, or property damage arising from a motor vehicle accident resulting in injury, death, or property damage to two or more persons in such accident, any such payment shall be credited in reduction of the amounts provided for in this section.

Source: Section 42-7-403 — Sufficiency of payments, https://leg.­colorado.­gov/sites/default/files/images/olls/crs2023-title-42.­pdf (accessed Oct. 20, 2023).

42‑7‑101
Short title 42‑7‑102
Legislative declaration 42‑7‑103
Definitions 42‑7‑201
Director to administer article 42‑7‑301
Security and proof of financial responsibility for the future required under certain circumstances 42‑7‑301.5
Proof of financial responsibility 42‑7‑302
Exemptions from requirement of filing security and proof of financial responsibility for the future 42‑7‑303
Duration of suspension 42‑7‑304
Custody and disposition of security 42‑7‑401
Proof required on judgments 42‑7‑402
Suspension, duration, bankruptcy 42‑7‑403
Sufficiency of payments 42‑7‑404
Payment of judgment in installments 42‑7‑405
Suspension upon second judgment 42‑7‑406
Proof required under certain conditions 42‑7‑407
Duty of courts to report 42‑7‑408
Proof of financial responsibility - methods of giving proof - duration - exception 42‑7‑409
Proof for member of family or chauffeur 42‑7‑410
Certificate for insurance policy 42‑7‑411
Restrictions in certain type of policy 42‑7‑412
Certificate furnished by nonresident 42‑7‑413
Motor vehicle liability policy 42‑7‑414
Requirements to be complied with 42‑7‑415
When insurance carrier to issue certificate 42‑7‑416
Notice required upon cancellation 42‑7‑417
Article not to affect other policies 42‑7‑418
Money - securities for financial responsibility 42‑7‑419
Substitution of proof 42‑7‑420
Failure of proof - other proof 42‑7‑421
When director may release proof of financial responsibility 42‑7‑422
No proof when proof required 42‑7‑501
Self-insurers 42‑7‑502
Action against nonresident - reciprocity with other states 42‑7‑503
Director to furnish operating record 42‑7‑504
Matters not to be evidence in litigation 42‑7‑505
Forging ability to respond in damages 42‑7‑505.5
Motor carrier indemnity agreements void - choice of law for transportation contracts 42‑7‑506
Surrender of license 42‑7‑507
Penalty 42‑7‑508
No repeal of motor vehicle laws 42‑7‑509
Article does not prevent other process 42‑7‑510
Insurance or bond required 42‑7‑601
Short title 42‑7‑602
Uninsured motorist identification database program - creation 42‑7‑603
Definitions 42‑7‑604
Motorist insurance identification database program - creation - administration - selection of designated agent - legislative declaration 42‑7‑606
Disclosure of insurance information - penalty 42‑7‑607
Part 6 not to supersede other provisions 42‑7‑609
Report
Green check means up to date. Up to date

Current through Fall 2024

§ 42-7-403’s source at colorado​.gov