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Alabama Certificate of Title Surety Bond

Product Number: 117727
Alabama Certificate of Title Surety Bond

Price: To Be Determined

Surety: Merchants Bonding Company

Application Required

ALABAMA DEPARTMENT OF REVENUE MVT: 10-1 Rev. 8/2002 MOTOR VEHICLE DIVISION P. O. Box 327610 Montgomery, AL 36132-7610 (334) 242-9000 CERTIFICATE OF TITLE SURETY BOND NO.: KNOW ALL MEN BY THESE PRESENTS, THAT WE of STREET OR RFD: CITY: COUNTY: STATE: as Principal (hereinafter called Principal), and of Iowa (Name of Surety) (State of Incorporation) as Surety (hereinafter called Surety), are held and firmly bound unto the Commissioner of Revenue of the State of Alabama in the sum of ( ), for the Payment of which, well and truly to be made, we bind ourselves, our heirs, executor, administrators, successors, and assigns, jointly and severally, firmly by these presents. WHEREAS, the Principal has made application to the Department of Revenue of the State of Alabama for a certificate of title on that certain vehicle described as follows, towit: MAKE: YEAR MODEL: MODEL: VEHICLE IDENTIFICATION NUMBER: BODY TYPE: NUMBER OF CYLINDERS: NEW OR USED: And under the provisions of Act 765, Section 10, passed by the Alabama Legislature during 1973 Regular Session, known as the Alabama Uniform Certificate of Title and Antitheft Act, the Department requires this bond before a certificate of title will be issued. THE CONDITIONS OF THIS OBLIGATION ARE SUCH THAT: If the aforesaid Principal shall indemnify any prior owner and lienholder and any subsequent purchaser of the vehicle or person acquiring any security interest in it, and their respective successors in interest, against any expense, loss or damage, including reasonable attorney's fees, by reason of the issuance of 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, it shall remain in full force and effect. PROVIDED, HOWEVER, that any interested person has a right of action to recover on the bond for any breach of its conditions, but the aggregate liability of the surety to all persons shall not exceed the amount of the bond. That said bond shall remain in full force and effect for a period of three (3) years after date of said bond or until the vehicle is no longer registered in this state and the currently valid certificate of title is surrendered to the Commissioner of Revenue of the State of Alabama, unless, the Commissioner of Revenue of the Sate of Alabama has been notified of the pendency of an action to recover on the bond. IN WITNESS WHEREOF, we hereunto set our names and seals on this day of , . (postdated bonds not acceptable) (Surety) (Principal) - Typed Name (Agent of Surety Company) - Typed Name (Principal) - Signature Refer to ITEM #1 on reverse side of form (Agent of Surety Company) - Signature Refer to ITEM #3 on reverse side of form (Principal) - Typed Name (State of Alabama, Commissioner of Revenue) (Principal) - Signature Refer to ITEM #2 on reverse side of form (White out or alterations are not acceptable on this bond - This form may not be duplicated.) (11/04)

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