Okla. Stat. tit. 47, § 47-7-217: Disposition of security

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.