A Mississippi title bond is generally required for the protection of third parties where there are questions about ownership of a motor vehicle or the existence of an undisclosed security interest in a vehicle. Pursuant to Mississippi Code, Section 63-21-23, if the State Tax Commission is not satisfied as to the ownership of a vehicle, manufactured home or mobile home or that there are no undisclosed security interests in it, the commission may, “(b) as a condition of issuing a certificate of title, require the applicant or dealer to file with the commission a Mississippi title bond in the form prescribed by the commission and executed by the applicant or dealer and by a person authorized to conduct a surety business. The surety bond must be written in favor of the Tax Commission in an amount equal to one and one-half (1-1/2) times the value of the vehicle, manufactured home or mobile home as determined by the commission. The Mississippi certificate of title bond must indemnify any prior owner and lienholder and any subsequent purchaser of the vehicle, manufactured home or mobile home or person acquiring any security interest in it, against any expense, loss or damage, including reasonable attorney’s fees, by reason of the issuance of the certificates of title of the vehicle, manufactured home or mobile home 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, manufactured home or mobile home. The Mississippi title bond gives any interested person the right of action to recover on the surety bond for any breach of its conditions however the bond duration is limited to three years. From the date of its execution, a Mississippi bonded title applicant has thirty days to deliver the bond the the Tax Commission. Mississippi surety leader, Surety One, Inc. offers a six line, easy to understand title bond application. We will quote terms for your bond regardless of your title circumstances. Visit SuretyOne.com, call (787) 333-0222 or (800) 373-2804, or email us at Underwriting@SuretyOne.com for a Mississippi title bond application or for information about any surety bond need.
