Maine Revised Statutes Title 29-A Sec. 659 – Withholding of certificate of title or certificate of salvage; bond required
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1. Action by Secretary of State. If the Secretary of State is not satisfied as to ownership of the vehicle or the absence of security interests, the Secretary of State may register the vehicle but must either:
A. Withhold a certificate of title or certificate of salvage until the applicant presents documents to satisfy the Secretary of State as to ownership and the absence of undisclosed security interests; or [PL 1993, c. 683, Pt. A, §2 (NEW); PL 1993, c. 683, Pt. B, §5 (AFF).]
B. Require the applicant to file a bond executed by the applicant that is:
(1) Executed by a person authorized to conduct a surety business in this State;
(2) In an amount equal to 1 1/2 times the value of the vehicle as determined by the Secretary of State; and
(3) Conditioned to indemnify a prior or subsequent owner or lienholder against any expense, loss or damage, including reasonable attorney’s fees, by reason of the issuance of the certificate or on account of any defect in or undisclosed security interest in the interest of the applicant to the vehicle. [PL 2005, c. 573, §4 (AMD).]
[PL 2005, c. 573, §4 (AMD).]
Terms Used In Maine Revised Statutes Title 29-A Sec. 659
- Lienholder: means a person holding a security interest in a vehicle. See Maine Revised Statutes Title 29-A Sec. 602
- Owner: includes , but is not limited to, a person entitled to use and possess a vehicle subject to a security interest in another person, but excludes a lessee under a lease not intended as security. See Maine Revised Statutes Title 29-A Sec. 602
- Person: means an individual, corporation, firm, partnership, joint venture, association, fiduciary, trust, estate or any other legal or commercial entity. See Maine Revised Statutes Title 29-A Sec. 101
- Security interest: means an interest in a vehicle reserved or created by agreement and that secures payment or performance of an obligation, including, but not limited to, the interest of a lessor under a lease intended as security. See Maine Revised Statutes Title 29-A Sec. 602
- State: means a state, territory or possession of the United States, the District of Columbia, the Commonwealth of Puerto Rico or a province of the Dominion of Canada. See Maine Revised Statutes Title 29-A Sec. 602
- Traffic: means pedestrians, ridden or herded animals, vehicles, bicycles and other conveyances either singly or together using public way for travel. See Maine Revised Statutes Title 29-A Sec. 101
- Vehicle: means a vehicle, as defined in section 101, or the body or chassis of any vehicle that is to be dismantled, scrapped or rebuilt. See Maine Revised Statutes Title 29-A Sec. 602
2. Recovery of bond for breach. An interested person may recover on a bond required under this section for a breach of its conditions, but the aggregate liability of the surety to all persons may not exceed the amount of the bond.
[PL 1993, c. 683, Pt. A, §2 (NEW); PL 1993, c. 683, Pt. B, §5 (AFF).]
3. Return of bond or deposit. Unless the Secretary of State has been notified of the pendency of an action to recover against the bond, a bond or deposit required under this section must be returned at the end of 3 years or earlier, if the vehicle is no longer registered in this State and the current certificate of title or salvage is surrendered to the Secretary of State.
[PL 1993, c. 683, Pt. A, §2 (NEW); PL 1993, c. 683, Pt. B, §5 (AFF).]
4. Violation. Violation of this section is a traffic infraction for which a fine of not less than $100 and not more than $500 may be adjudged.
[PL 2005, c. 433, §10 (NEW); PL 2005, c. 433, §28 (AFF).]
SECTION HISTORY
PL 1993, c. 683, §A2 (NEW). PL 1993, c. 683, §B5 (AFF). PL 2005, c. 433, §10 (AMD). PL 2005, c. 433, §28 (AFF). PL 2005, c. 573, §4 (AMD).