(1) A person shall be relieved from the requirement for deposit of security for the benefit or protection of another person injured or damaged in the accident in the event he or she is released from liability by the other person.
(2) A covenant not to sue shall relieve the parties thereto as to each other from the security requirements of this subchapter.
(3) In the event the Office of Driver Services determines the injuries or damage to any minor is less than the amount required for depositing security for an accident under § 27-19-601, the office may accept, for the purposes of this subchapter only, evidence of a release from liability executed by a natural guardian or a legal guardian on behalf of the minor without the approval of any court or judge.