Missouri Revised Statutes













Chapter 301

Registration and Licensing of Motor Vehicles

←301.216

Section 301.217.1

301.218→

August 28, 2015

Definitions--salvaged motor vehicle title may be issued, when, procedure.

301.217. 1. As used in sections 301.217 to 301.229, the following words

and phrases mean:



(1) "Purchaser", the buyer of a salvage vehicle, including an insurance

company for purposes of sections 301.217 to 301.229;



(2) "Salvage certificate of title", the title issued by the department

of revenue as proof of ownership for a salvaged vehicle, and it shall not be

acceptable for the purpose of registering a motor vehicle. The salvage title

shall be negotiable with one reassignment on back by registered dealers or

insurance companies only. The redeemed title shall be returned in its

original form;



(3) "Salvage pool" or "salvage disposal sale", a scheduled sale at

auction or by private bid of wrecked or repairable motor vehicles or trailers

by insurance companies, underwriters, or dealers, either at retail or

wholesale.



2. The department of revenue may issue a certificate of title for a

salvaged motor vehicle at least twenty-five years old and if, in the judgment

of the department of revenue it may be needed, require the applicant to file

with the department of revenue a corporate surety bond in the form prescribed

by the department and executed by the applicant, and executed by a person

authorized to conduct a surety business in this state. The bond shall be in

an amount equal to one and one-half times the value of the vehicle as

determined by the department and conditioned to 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. Any such

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. The bond shall be returned at the

end of three years or prior thereto if the vehicle is no longer registered in

this state and the currently valid certificate of title is surrendered to the

department, unless the department has been notified of the pendency of an

action to recover on the bond.



(L. 1979 H.B. 78 § 2, A.L. 1983 H.B. 149, et al., A.L. 1986 H.B. 1367

& 1573, A.L. 1988 H.B. 1581, A.L. 2004 H.B. 1284 merged with S.B.

1233, et al.)





1991



1991



301.217. 1. As used in sections 301.217 to 301.229, the

following words and phrases mean:



(1) "Purchaser", the buyer of a salvage vehicle, including

an insurance company for purposes of sections 301.217 to 301.229;



(2) "Salvage certificate of title", the title issued by the

department of revenue as proof of ownership for a salvaged

vehicle, and it shall not be acceptable for the purpose of

registering a motor vehicle. The salvage title shall be

negotiable with one reassignment on back by registered dealers

only. The redeemed title shall be returned in its original form;



(3) "Salvage pool" or "salvage disposal sale", a scheduled

sale at auction or by private bid of wrecked or repairable motor

vehicles or trailers by insurance companies, underwriters, or

dealers, either at retail or wholesale.



2. The department of revenue may issue a certificate of

title for a salvaged motor vehicle at least twenty-five years old

and if, in the judgment of the department of revenue it may be

needed, require the applicant to file with the department of

revenue a corporate surety bond in the form prescribed by the

department and executed by the applicant, and executed by a

person authorized to conduct a surety business in this state.

The bond shall be in an amount equal to one and one-half times

the value of the vehicle as determined by the department and

conditioned to 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. Any such

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. The bond shall be returned at the end of three years or

prior thereto if the vehicle is no longer registered in this

state and the currently valid certificate of title is surrendered

to the department, unless the department has been notified of the

pendency of an action to recover on the bond.



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