§47-7-217.

§47-7-217.
   
   Such security shall be applicable and available only
   
   1. For the payment of any settlement agreement covering any claim
   arising out of the accident upon instruction of the person who made
   the deposit, or
   
   2. For the payment of a judgment or judgments, rendered against the
   person required to make the deposit, for damages arising out of the
   accident in an action at law begun not later than one (1) year after
   the deposit of such security, or within one (1) year after the date of
   deposit of any security following failure to make payments under an
   agreement to pay.