What is an Montana Lost Title Bond?
Montana Lost Title Bonds are required by the state of Montana's MVD 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 Montana 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. If the Value of the vehicle is worth or over $500 a bond is required.
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 Montana Lost Title Bond cost?
For Montana Lost Title Bonds under $5,000 the cost of the bond is $100. For bonds over $5,000 the rate is 1.5%
Montana Lost Title Bond Information and Requirements:
Replacing a Lost Title in Montana
The Vehicle Services Bureau of the Montana Motor Vehicle Division (MVD) coordinates the registration and titling of all vehicles in the state, with the exception of pick-up campers that require titles but not registration.
If you lose your title, you'll need to apply for a duplicate. While the urgency factor isn't as severe as losing your license, you will eventually need the title if you plan on selling your vehicle.
You can obtain a replacement certificate of title for the following reasons:
· Legal name changes.
· Changes in ownership.
· Changes in address.
· Actual errors.
Replacements are also available for a lost vehicle title, a stolen vehicle title, or a damaged vehicle title.
Applying For a Duplicate Title
You can apply to replace a lost title, damaged title or stolen title by mail or in person at your local Montana Title and Registration Bureau office.
NOTE: You must make any updates to your license before updating your registration and title. A copy of your Montana driver's license is required if you need to update your personal information on a title. Additional legal documentation is required for a replacement title application due to a name change. See "Name Changes" below.
How to Get Your Replacement Title
To apply for a duplicate MT title, you will need to:
· Complete the Application for Duplicate Certificate of Title (Form MV7).
· Submit a Statement of Fact (Form MV100) with the application form, if you're seeking a replacement title because of a legal name change.
· Mail it along with $10.30 fee to:
Vehicle Services Bureau
Motor Vehicle Division
Montana Department of Justice
P.O. Box 201431
302 N Roberts
Helena, MT 59620
Do you need a lien added?
If a collateral lien needs be added to the title along with the application to replace title, you'll need to pay an additional $10.30 filing fee.
Purchasing a Vehicle with a Lost Title
If you or the seller can't find any record of the title, you can apply for a bonded title.
You'll first need to discuss the information with your County's Treasurer's Office, and then:
· Bring proof of ownership plus a completed Vehicle/Vessel/OHV Identification Number Inspection Certificate (Form MV20).
· Complete an Application for Break/Bond Title (Form MV10) detailing the circumstances of the sale, any liens on it, and estimated value.
· Secure a bond of surety equal to the value, if the value is over $500.
o If the value is $500 or less, you need to either determine the national average current trade-in price or average appraisal for that type of vehicle, or simply certify the value is $500 or less.
Next, you will be issued a bonded title. If no claims are made on it within 3 years, you will receive a clear title as an owner.