In the absence of proper paperwork, you may deposit a Rhode Island title bond to satisfy the state’s requirements for issuance of a clean title. State law provides that as a condition of issuing a certificate of title the applicant must file with the Division of Motor Vehicles a bond in the form prescribed by the Division and executed by the applicant, and also executed by a surety authorized to do business in the state. The Rhode Island title bond must be written in an amount equal to one and one-half times the value of the vehicle, as determined by the Division. This surety bond must be conditioned to indemnify any prior owner and lienholder and any subsequent purchaser of the vehicle or person acquiring any security interestin it, and their successors in interest, for any expense, loss,or damage, including reasonable attorney’s fees, by reason of the issuance ofthe certificate of title of the vehicle or an account of any defect in or undisclosed security interest upon the right, title, and interest to the same. The Rhode Island title bond is available to any interested person that has a right of action to recover damages for any breach of its conditions, however the aggregate liability of the surety will never exceed the penal sum of the bond. The surety bond is returned to the surety at the end of three years or prior to that time if the vehicle is no longer registered in Rhode Island and the currently valid certificate of title is surrendered to the Division. The Rhode Island title bond IS however retained if at the end of the three year period the Division has been notified that an action or claim has been filed in attempts to collect from the surety. Rhode Island surety leader, Surety One, Inc. offers a very simple title bond application and same day issuance of your title bond. We will a premium (surety bond cost) regardless of your title problem. Visit us at SuretyOne.com, call (787) 333-0222 or (800) 373-2804, or email Underwriting@SuretyOne.com for a Rhode Island title bond application or for further information about surety.
