Alaska law allows an individual to deposit an Alaska title bond to perfect his or her ownership interest in a motor vehicle with a lost or defective certificate of title. Ordinarily an individual to transfers ownership of a vehicle by using a title document however if an individual has purchased a vehicle from another 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 new title using the Alaska title bond process. Only small trailers weighing less that 1,000 pounds are exempt. The pre-bonding process requires that the motor vehicle be in the State of Alaska, be appraised and be inspected by an Alaska Department of Motor Vehicles representative. Pursuant to Sec. 28.10.216 (b), the Alaska title bond must be equal in amount to one and one-half times the value of the vehicle as determined by the Department and be conditioned to indemnify former owners, secured parties, and subsequent purchasers of the vehicle and their successors against loss resulting from a defect in or undisclosed security interest on the title of the applicant. The certificate of title bond obligations states that an injured party may sue on the Alaska title bond for a breach of its conditions, but the liability of the surety or the department may not exceed the amount of the bond. The bond must be written in a non-cancelable form with a duration of no less than three years. Alaska surety leader, Surety One, Inc. provides an efficient six line title bond application and issues your bond within hours. We will offer terms regardless of your credit condition. Visit SuretyOne.com, call (787) 333-0222 or (800) 373-2804, or email Underwriting@SuretyOne.com for an Alaska title bond application or for information about any bond need.
