303.140.  License suspension lifted, when. — The license and registration and nonresident's operating privilege suspended as provided in section 303.030 shall remain suspended and shall not be renewed nor shall a license or registration be issued to the person until:

  (1)  The person deposits, or there is deposited on his behalf, the security required under section 303.030; or

  (2)  One year has elapsed following the date of the suspension, and no claimant has filed notice, supported by a copy of the petition bearing the court file number, that he has commenced an action in a court of record, begun not later than one year after the date of such accident, arising out of the accident on which the suspension is based; or

  (3)  Evidence satisfactory to the director is filed with him of a release from liability, or a final adjudication of nonliability, or a duly acknowledged written agreement, in accordance with subdivision (3) of section 303.070; but if there is any default in the payment of any installment under any duly acknowledged written agreement, then, upon notice of the default, the director shall forthwith suspend the license and registration or nonresident's operating privilege of the person defaulting which shall not be restored unless and until:

  (a)  The person deposits and thereafter maintains security as required under section 303.030 in the amount that the director then determines; or

  (b)  One year has elapsed following the date when the security was required and during that period no action upon the agreement has been instituted in a court of this state.