When judgments deemed satisfied.

Sec. 514. Judgments herein referred to shall, for the purpose of this chapter only, be deemed satisfied: 1. When $20,000.00 is credited upon any judgment or judgments rendered in excess of that amount because of bodily injury to or death of 1 person as the result of any one accident; or 2. When, subject to such limit of $20,000.00 because of bodily injury to or death of 1 person, the sum of $40,000.00 is credited upon any judgment or judgments rendered in excess of that amount because of bodily injury to or death of 2 or more persons as the result of any one accident; or 3. When $10,000.00 is credited upon any judgment or judgments rendered in excess of that amount because of injury to or destruction of property of others as a result of any one accident.