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27-19-612. Agreements for payment of damages.
Arkansas Code — all titles (historical 2020) · legal_authorities
27-19-612. Agreements for payment of damages.
(a) Any two (2) or more of the persons involved in, or affected by, an accident as described in § 27-19-601 may, at any time, enter into a written agreement for the payment of an agreed amount with respect to all claims of any of such persons because of bodily injury or death or property damage arising from the accident, which may provide for payment in installments, and may file a signed copy thereof with the Office of Driver Services.
(b) In the event any such written agreement is filed with the office, the office shall not require the deposit of security and shall terminate any prior order of suspension, or, if security has previously been deposited, the office shall immediately return the security to the depositor or his or her personal representative.
(c)(1) In the event of a default in any payment under the agreement and upon notice of default within one (1) year, the office shall take action suspending the license or the registration or both the license and registration of the person in default as would be appropriate in the event of failure of the person to deposit security when required under this subchapter.
(2) The suspension shall remain in effect and the license or registration shall not be restored unless and until:
(A) Security is deposited as required under this subchapter in such amount as the office may then determine is required under this subchapter;
(B) When, following any such default and suspension, the person in default has paid the balance of the agreed amount; or
(C) One (1) year has elapsed following the effective date of the suspension, and evidence satisfactory to the office has been filed with the office that during that period no action at law upon the agreement has been institute
Source: Arkansas Code — historical release 78 (November 6, 2020) · 27-19-612
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
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Record provenance
Stable record: arkansas_code:legal_authorities:27-19-612
Source file: gov.ar.code.title.27.odt
Pages: Not recorded – Not recorded
Passage SHA-256: ba552aa55d185e39bd6b2afe6de4f72b600c03af55df8103acbb5e5ce0be0236
Source location: content.xml paragraph 8515
Stored source content
27-19-612. Agreements for payment of damages.
(a) Any two (2) or more of the persons involved in, or affected by, an accident as described in § 27-19-601 may, at any time, enter into a written agreement for the payment of an agreed amount with respect to all claims of any of such persons because of bodily injury or death or property damage arising from the accident, which may provide for payment in installments, and may file a signed copy thereof with the Office of Driver Services.
(b) In the event any such written agreement is filed with the office, the office shall not require the deposit of security and shall terminate any prior order of suspension, or, if security has previously been deposited, the office shall immediately return the security to the depositor or his or her personal representative.
(c)(1) In the event of a default in any payment under the agreement and upon notice of default within one (1) year, the office shall take action suspending the license or the registration or both the license and registration of the person in default as would be appropriate in the event of failure of the person to deposit security when required under this subchapter.
(2) The suspension shall remain in effect and the license or registration shall not be restored unless and until:
(A) Security is deposited as required under this subchapter in such amount as the office may then determine is required under this subchapter;
(B) When, following any such default and suspension, the person in default has paid the balance of the agreed amount; or
(C) One (1) year has elapsed following the effective date of the suspension, and evidence satisfactory to the office has been filed with the office that during that period no action at law upon the agreement has been instituted and is pending.
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Arkansas Code — all titles (historical 2020) · legal_authorities
27-19-601. Applicability generally.
The provisions of this subchapter requiring deposit of security and suspensions for failure to deposit security, subject to certain exemptions, shall apply to the driver and owner of any vehicle of a type subject to registration under the motor vehicle laws of this state which is in any manner involved in an accident within this state, which accident has resulted in bodily injury to or death of any person or damage to the property of any one (1) person in excess of five hundred dollars ($500).
Source: Arkansas Code — historical release 78 (November 6, 2020) · 27-19-601
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 27-19-601. This identifies an authority to review, not proof of applicability.