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Title Bonds
If you lost Ownership papers (like Bill of Sales, Title, Etc.) on a vehicle you just purchased, you could apply for a Defective Title Bond in order to obtain a Title under your name. A Title Bond is meant to protect the person who is registering the vehicle under their name in case an individual tries to reclaim the vehicle back. A Statement of Facts will also need to be included explaining how you obtained the vehicle as well as any effort made to contact the Registered Owner/Lienholder.
A Bond must be for an amount equal to the market value of the vehicle/vessel. (Click Here for More Info)
If you are the owner of a vehicle and you lost the title, YOU DO NOT NEED A TITLE BOND. You will need to fill out a Duplicate Application for Title (REG 227) and submit to the DMV.
(Title Bonds are only for people who are not the Registered Owners on file but have evidence they purchased the vehicle or obtained it legally)