What is an Alaska Lost Title Bond?
Alaska Lost Title Bonds are required by the state of Alaska's DMV to obtain your title and register your vehicle, boat, RV, mobile home or trailer. The bond ensures that you are the rightful owner of the vehicle, Mobile home, trailer etc. The Alaska Lost Title Bond guarantees damages up to the bond limit for a legitimate title holder that may surface in the future with a valid claim to the vehicle, Mobile home, boat or trailer.
Different parts of a bond:
The bond is required when The Obligee (obligator) is the entity requiring you to get the bond. There are 3 parts to a surety bond. The Principal, The Surety Company, and the Obligee. The Principal is the business or individual applying for the Surety Bond. The Obligee is the individual or entity requiring the Surety Bond and the Surety Company is the company who provides the Surety Bond coverage.
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How much does a Alaska Lost Title Bond cost?
For Alaska Lost Title Bonds under $5,000 the cost of the bond is $100. For bonds over $5,000 the rate is 1.5%
Alaska Lost Title Bonds Information and Requirements
Alaska law requires an individual to transfer ownership of a vehicle by using a title document. However, if a person has purchased a vehicle from someone and has lost the title which was received from the seller, or the seller did not give the buyer the title, it is still possible to obtain a title.
The law allows an individual to obtain a three year non-cancelable title surety bond or deposit a cash bond with the Division of Motor Vehicles in the amount of one and a half times the appraised value of the vehicle. The bond financially protects the State in case of a legal dispute concerning ownership of the vehicle for which the State has issued a title.
All vehicles and any trailer weighing over 501 pounds will require a surety bond, if there is inadequate proof of ownership. Small trailers weighing less than 500 lbs. may not require a surety bond, check with your local DMV for details.
If the buyer requires a surety bond to obtain title to a vehicle, they can stop by the nearest DMV office and pick-up.
The vehicle must beby a representative of the DMV. The purpose of the inspection is to verify the vehicle identification number and the identity of the vehicle. The vehicle must be operational and in satisfactory working condition with all of the equipment required by state and federal law. An individual may obtain a special one-way trip permit from DMV for the purpose of bringing the vehicle to a DMV office for inspection.
In order to file a Surety Bond in Alaska, the vehicle must be in the State of Alaska and the appraisal must have been completed in Alaska.
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