Description

Lost title bond require by the Iowa Department of Motor Vehicles when purchasing a vehicle with a missing title. Minimum premium of $100, but premium varies with book value of vehicle.

Additional information

IOWA STATUTORY SURETY BOND FOR CERTIFICATE OF TITLE

BookValue $ Amount of Bond
That County of , State of Iowa as
principal, and a corporation incorporated under the laws ,
of the state of duly license to transact a surety business in the State of Iowa, as
Surety, are held and firmly bound unto the people of the State of Iowa, for the use and benefit of any
person who shall suffer any loss or damage by reason of the issuance of a certificate of title to the
hereinafter described motor vehicle in the sum of dollars ( ) for
which payment we bind ourselves and our legal representatives and successors, jointly and severally.
The condition of this obligation is such that the principal has made application to the Iowa Department of
Transportation and county treasurer for the registration of and the issuance of a certificate of title for the
following described vehicle and the department or county treasurer is not satisfied as to the ownership of
the vehicle or that there are no undisclosed security interests in it.
Make: Year: VIN:
If the principal and surety shall indemnify any prior owner and secured party and any subsequent
purchaser of vehicle or person acquiring any security interest in it, and their respective successors in
interest, against any expense, loss or damage, including reasonable attorney fees, by reason of issuance
on the certificate of title of the vehicle or on account of any defect in or undisclosed security interest upon
the right, title and interest of the applicant in and to the vehicle then this obligation shall be void, otherwise
to remain in full forced effect.

This bond is intended to comply with the requirements of Chapter 321.24 of the Code of Iowa as
amended; and in accordance with the provisions and requirements of that statue, it is provided that:
1. Any person who sustains injury by reason of any act or omission covered by this bond may, in
addition to any other remedy that he may have, bring an action in his own name of this bond the
recovery of damages sustained by him provided, however that no such action may be brought here
on after the expiration of three (3) years from the date of this bond, or sooner if title surrender
provisions are followed, the Iowa Department of Transportation has been notified of the pendency of
an action to recover on the bond.
2. The surrender of title provisions in Chapter 321.24 of the Code of Iowa as amended shall not be
available as a means to knowingly avoid bond liability within the three-year limit of this bond.
3. The total aggregate liability of surety hereon shall be limited to the sum of ____________________
dollars ( ).
4. In the event principal and surety, or either of them is served with notice of any action brought against
principal or surety under this bond, written notice of filing of such action shall be immediately given by
principal and surety, as each is served with notice of the action, to Iowa Department of
Transportation, Motor Vehicle Division, Office of Vehicle & Motor Carrier Services, PO Box 9278, Des
Moines, Iowa 50306-9278

The premium for which this bond is written is dollars ( )
IN WITNESS WHEREOF, the parties have executed this bond at , Iowa
the day of , .

Bond No. _______________

Principal

Surety

By
Authorized Representative