What is an New Mexico Lost Title Bond?
New Mexico Lost Title Bonds are required by the state of New Mexico'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 New Mexico 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 New Mexico Lost Title Bond cost?
For New Mexico Lost Title Bonds under $5,000 the cost of the bond is $100. For bonds over $5,000 the rate is 1.5%
New Mexico Lost Title Bond Information and Requirements
Effective July 1, 1996, New Mexico came under a cloak of confidentially (§66-2-7.1) as required by Federal mandate. As a result, the Motor Vehicle Division is prohibited from providing registered owners’ addresses and any personal information on record. A suppressed vehicle record printout may be provided.
However, lien claimants filing a “Towing Lien” are able to obtain Title verification without any of the registered owner’s information being suppressed.
If titling jurisdiction responds to a title verification request with a “NO RECORD” response, the lien claimant must submit the “No Record” documents and a completed copy of the “Notice of Mechanic’s or Landowner’s Lien” form (). Upon receipt of the NO RECORD response the lien claimant must advertise the vehicle for sale at public auction in a newspaper of general circulation in the county where the vehicle will be sold, once a week for two consecutive weeks, or post handbills.
If the vehicle has out-of-state license plates or the lien claimant has some other reason to believe that the vehicle is registered in a state other than New Mexico, he must request the same information from the appropriate agency of that state.
IF THE LIEN CLAIMANT IS UNABLE TO OBTAIN THE REGISTERED OWNER’S NAME AND ADDRESS, THE LIEN PROCESS CANNOT BE COMPLETED!
§48-3-13. Enforcement of liens; optional methods.
A. In order to enforce any lien under §§ 48-3-1 through 48-3-20, the procedure shall be the same as in the case of the foreclosure of a chattel mortgage if suit is filed in court. The lien claimant when the property subject to the lien is under his control or in his possession may, after the debt for which the lien is claimed becomes due and payable, serve the person against whom the lien is sought to be enforced with a written notice or forward to the last known address of the person, by certified or registered mail, return receipt requested, a written statement, setting forth an itemized statement of the amount of the indebtedness. If the indebtedness is not paid within ten days after the service or mailing of the notice, the property may be advertised by posting or publication as provided in §48-3-14 and sold to satisfy the indebtedness.
B. Where the property involved is a motor vehicle upon which a lien exists under §§ 48-3-19 and 48-3-20, then in addition to the 10-day notice of the debt under this section and the 20-day notice of sale under §48-3-14, the motor vehicle shall be held for the following periods:
(1) For 14 days when the vehicle is registered in this state; or
(2) For 40 days when the vehicle is registered in a foreign jurisdiction or when the registration cannot be found in the records of this state.
C. Where the property on which the lien exists is a motor vehicle, the time periods referred to in Subsection B of this section are to be used for the purpose of establishing ownership and the names and addresses of lienholders so that they may be given notice of the sale. The time periods shall be in lieu of the time period referred to in §66-3-203, but the provisions of giving notice to the state police of unclaimed vehicles shall still apply, and the lien claimant shall give such notice within five days after the expiration of the 10-day notice period referred to in Subsection A of this section?.
An operator of a place of business for garaging, repairing, parking or storing vehicles for the public, in which a vehicle remains unclaimed for a period of 30 days, shall, within five days after the expiration of that period, report in writing to the New Mexico State Police at Santa Fe and the sheriff of the county in which the unit is stored, setting forth the make of car, model-year, and engine, serial and vehicle numbers of the vehicle unclaimed. A person who fails to report a vehicle as unclaimed in accord with this subsection forfeits all claims and liens for its parking or storing and is guilty of a misdemeanor punishable by a fine of not more than $25.00.