In the realm of vehicle ownership and registration, securing a certificate of title is a crucial step, especially in Mississippi where the State Tax Commission outlines specific procedures for this process. The form 78-016-02-1-1-000, revised in November 2002, plays a vital role in this scenario, serving as a Certificate of Title Bond. This document is a testament to the responsibilities and obligations of an individual or corporation, referred to as the Principal, alongside a Surety, to the State of Mississippi, termed as the Obligee. The bond ensures that all parties are financially protected against potential losses or damages arising due to the issuance of the certificate of title for a vehicle, covering any defects in or undisclosed security interests upon the vehicle in question. It mandates a bond that remains in effect for three years post its effective date, highlighting a stringent condition that voids the bond if not filed within 30 days of becoming effective. By laying out the conditions of the obligation, the form effectively safeguards the interests of prior owners and lienholders, subsequent purchasers, and those acquiring security interests in the vehicle, against any adverse financial impacts. This mechanism underscores the state’s commitment to ensuring a secure and transparent process in vehicle titling, further emphasizing the legal and financial responsibilities entailed in vehicle ownership.
| Question | Answer |
|---|---|
| Form Name | Form 78 016 02 1 1 000 |
| Form Length | 1 pages |
| Fillable? | No |
| Fillable fields | 0 |
| Avg. time to fill out | 15 sec |
| Other names | purchaser, form 78, issuance, assigns |
Form
Mississippi
STATE TAX COMMISSION
TITLE BUREAU - POST OFFICE BOX 1383
JACKSON, MS 39215
CERTIFICATE OF TITLE BOND
$ ________________________Bond No. ________________________
KNOW ALL MEN BY THESE PRESENTS: That we, _________________________________________________
of ____________________________________________________________________, Mississippi, as Principal,
and _______________________________________________________________________________________
of ________________________, a corporation incorporated under the Laws of the State of __________________
_________________________, as Surety, are held and firmly bound unto the State of Mississippi, as Obligee, in
the sum of $_________________for the payment of which we bind ourselves, our heirs, executors, administrators,
successors and assigns, jointly and severally, firmly by these presents:
WHEREAS, the Principal has made application to the State Tax Commission of the State of Mississippi for a Certificate of Title on a certain vehicle described to wit:
MAKE & YEAR _______________________________ |
MODEL__________________________________ |
IDENTIFICATION NUMBER _____________________ |
TYPE OF BODY ___________________________ |
NUMBER CYLINDERS_________________________ |
NEW OR USED ___________________________ |
And under the provisions of the Mississippi Code, Section
Said bond shall run and be in full force and effect for a period of three (3) years from and after the effective date as shown here below and no liability shall accrue after the expiration of the three (3) year period.
THE CONDITIONS OF THIS OBLIGATION ARE SUCH, that if the Principal shall indemnify any prior owner and lienholder and any subsequent purchaser of said 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 for said vehicle or on account of any defect in or undisclosed security interest upon the right, title, and interest of the applicant in and to said vehicle, then this obligation shall be void, otherwise, it shall remain in full force and effect. This bond will not be accepted by the State Tax Commission if it is not filed within thirty (30) days of its effective date.
EFFECTIVE THIS THE _________________DAY OF_____________________________________, 20________.
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