Definitions--salvaged motor vehicle title may be issued, when,procedure.
301.217. 1. As used in sections 301.217 to 301.229, the followingwords and phrases mean:
(1) "Purchaser", the buyer of a salvage vehicle, including aninsurance company for purposes of sections 301.217 to 301.229;
(2) "Salvage certificate of title", the title issued by thedepartment of revenue as proof of ownership for a salvaged vehicle, and itshall not be acceptable for the purpose of registering a motor vehicle.The salvage title shall be negotiable with one reassignment on back byregistered dealers or insurance companies only. The redeemed title shallbe returned in its original form;
(3) "Salvage pool" or "salvage disposal sale", a scheduled sale atauction or by private bid of wrecked or repairable motor vehicles ortrailers by insurance companies, underwriters, or dealers, either at retailor wholesale.
2. The department of revenue may issue a certificate of title for asalvaged motor vehicle at least twenty-five years old and if, in thejudgment of the department of revenue it may be needed, require theapplicant to file with the department of revenue a corporate surety bond inthe form prescribed by the department and executed by the applicant, andexecuted by a person authorized to conduct a surety business in this state.The bond shall be in an amount equal to one and one-half times the value ofthe vehicle as determined by the department and conditioned to indemnifyany prior owner and lienholder and any subsequent purchaser of the vehicleor person acquiring any security interest in it, and their respectivesuccessors in interest, against any expense, loss or damage, includingreasonable attorney's fees, by reason of the issuance of the certificate oftitle of the vehicle or on account of any defect in or undisclosed securityinterest upon the right, title and interest of the applicant in and to thevehicle. Any such interested person has a right of action to recover onthe bond for any breach of its conditions, but the aggregate liability ofthe surety to all persons shall not exceed the amount of the bond. Thebond shall be returned at the end of three years or prior thereto if thevehicle is no longer registered in this state and the currently validcertificate of title is surrendered to the department, unless thedepartment has been notified of the pendency of an action to recover on thebond.
Definitions--salvaged motor vehicle title may be issued, when,procedure.
301.217. 1. As used in sections 301.217 to 301.229, the followingwords and phrases mean:
(1) "Purchaser", the buyer of a salvage vehicle, including aninsurance company for purposes of sections 301.217 to 301.229;
(2) "Salvage certificate of title", the title issued by thedepartment of revenue as proof of ownership for a salvaged vehicle, and itshall not be acceptable for the purpose of registering a motor vehicle.The salvage title shall be negotiable with one reassignment on back byregistered dealers or insurance companies only. The redeemed title shallbe returned in its original form;
(3) "Salvage pool" or "salvage disposal sale", a scheduled sale atauction or by private bid of wrecked or repairable motor vehicles ortrailers by insurance companies, underwriters, or dealers, either at retailor wholesale.
2. The department of revenue may issue a certificate of title for asalvaged motor vehicle at least twenty-five years old and if, in thejudgment of the department of revenue it may be needed, require theapplicant to file with the department of revenue a corporate surety bond inthe form prescribed by the department and executed by the applicant, andexecuted by a person authorized to conduct a surety business in this state.The bond shall be in an amount equal to one and one-half times the value ofthe vehicle as determined by the department and conditioned to indemnifyany prior owner and lienholder and any subsequent purchaser of the vehicleor person acquiring any security interest in it, and their respectivesuccessors in interest, against any expense, loss or damage, includingreasonable attorney's fees, by reason of the issuance of the certificate oftitle of the vehicle or on account of any defect in or undisclosed securityinterest upon the right, title and interest of the applicant in and to thevehicle. Any such interested person has a right of action to recover onthe bond for any breach of its conditions, but the aggregate liability ofthe surety to all persons shall not exceed the amount of the bond. Thebond shall be returned at the end of three years or prior thereto if thevehicle is no longer registered in this state and the currently validcertificate of title is surrendered to the department, unless thedepartment has been notified of the pendency of an action to recover on thebond.
Definitions--salvaged motor vehicle title may be issued, when,procedure.
301.217. 1. As used in sections 301.217 to 301.229, the followingwords and phrases mean:
(1) "Purchaser", the buyer of a salvage vehicle, including aninsurance company for purposes of sections 301.217 to 301.229;
(2) "Salvage certificate of title", the title issued by thedepartment of revenue as proof of ownership for a salvaged vehicle, and itshall not be acceptable for the purpose of registering a motor vehicle.The salvage title shall be negotiable with one reassignment on back byregistered dealers or insurance companies only. The redeemed title shallbe returned in its original form;
(3) "Salvage pool" or "salvage disposal sale", a scheduled sale atauction or by private bid of wrecked or repairable motor vehicles ortrailers by insurance companies, underwriters, or dealers, either at retailor wholesale.
2. The department of revenue may issue a certificate of title for asalvaged motor vehicle at least twenty-five years old and if, in thejudgment of the department of revenue it may be needed, require theapplicant to file with the department of revenue a corporate surety bond inthe form prescribed by the department and executed by the applicant, andexecuted by a person authorized to conduct a surety business in this state.The bond shall be in an amount equal to one and one-half times the value ofthe vehicle as determined by the department and conditioned to indemnifyany prior owner and lienholder and any subsequent purchaser of the vehicleor person acquiring any security interest in it, and their respectivesuccessors in interest, against any expense, loss or damage, includingreasonable attorney's fees, by reason of the issuance of the certificate oftitle of the vehicle or on account of any defect in or undisclosed securityinterest upon the right, title and interest of the applicant in and to thevehicle. Any such interested person has a right of action to recover onthe bond for any breach of its conditions, but the aggregate liability ofthe surety to all persons shall not exceed the amount of the bond. Thebond shall be returned at the end of three years or prior thereto if thevehicle is no longer registered in this state and the currently validcertificate of title is surrendered to the department, unless thedepartment has been notified of the pendency of an action to recover on thebond.
