301.192. Bonded vehicles, certificate of ownership may be issued, requirements--bond, release of, when.
Bonded vehicles, certificate of ownership may be issued,requirements--bond, release of, when.
301.192. 1. In addition to any other requirements ofsection 301.190, when application is made for a certificate ofownership for a motor vehicle or trailer seven years old orolder and the value of vehicle does not exceed three thousanddollars, for which no record of any prior application for acertificate of ownership exists in the records of the directorof revenue or for which the records of the director of revenuereflect incomplete or conflicting documentation of ownership,the director of revenue may issue a certificate of ownership,not less than thirty days after receiving the completedapplication, provided it is accompanied by:
(1) An affidavit explaining how the motor vehicle ortrailer was acquired and the reasons a valid certificate ofownership cannot be furnished;
(2) Presentation of all evidence of ownership in theapplicant's possession;
(3) Title verification from a state in which the vehiclewas previously titled or registered if known, provided thevehicle was so previously titled or registered;
(4) A notarized lien release from any lienholder of record;
(5) A vehicle examination certificate issued by theMissouri state highway patrol, or other law enforcement agencyas authorized by the director of revenue. The vehicleexamination shall include a verification of the vehicle'sidentification number and a determination that the vehicle hasnot been reported stolen in Missouri or any other state. Thefee for the vehicle examination certificate shall be twenty-fivedollars and shall be collected by the director of revenue at thetime of the request for the application;
(6) A statement certifying the odometer reading of themotor vehicle if less than ten years of age; and
(7) A surety bond or a suitable financial securityinstrument in a form prescribed by the director of revenue andexecuted by the applicant and a person authorized to conductsurety business in this state. The bond shall be an amountequal to two times the value of the vehicle as determined by theKelly Blue Book, NADA Used Car Guide or two appraisals from alicensed motor vehicle dealer. The bond shall be for a minimumof one hundred dollars and conditioned to indemnify any priorowner or lienholder and any subsequent purchaser of the vehicleor person acquiring any security interest in it, and theirrespective successors in interest, against any expense, loss ordamage including reasonable attorneys fees, by reason of theissuance of the certificate of ownership of the vehicle or onaccount of any defect in or undisclosed security interest uponthe right, title and interest of the applicant in and to thevehicle. Any such interested person has a right of action torecover on the bond for any breach of its conditions, but theaggregate liability of the surety to all persons shall notexceed the amount of the bond. The bond shall be returned atthe end of three years, unless the department has been notifiedof the pendency of an action to recover on the bond.
2. Upon satisfaction with the genuineness of theapplication and supporting documents, the director of revenueshall issue a new certificate of ownership. The certificate ofownership shall appropriately be designated with the words"BONDED VEHICLE".
(L. 1990 H.B. 1279)Effective 7-1-91