This law defines key words used in Missouri's salvage vehicle rules. A 'salvage certificate of title' proves someone owns a wrecked vehicle but cannot be used to register it for driving. A 'salvage pool' is a sale where wrecked or repairable vehicles are auctioned off. For salvage vehicles at least 25 years old, the state can issue a title, but may first require the applicant to get a special bond — a financial guarantee that protects anyone who might have a prior ownership claim against losses caused by the title being issued.
301.217. Definitions — d motor vehicle may be d, when, procedure. — 1. As used in sections 301.217 to 301.229, the following words and phrases mean:
(1) "Purchaser", the buyer of a , including an insurance company for purposes of sections 301.217 to 301.229;
(2) "", the title issued by the as of ownership for a salvaged vehicle, and it shall not be acceptable for the purpose of registering a motor vehicle. The shall be with one on back by dealers or insurance companies only. The redeemed title shall be returned in its original form;
(3) "" or "", a scheduled sale at auction or by private of wrecked or repairable motor vehicles or trailers by insurance companies, , or dealers, either or .
2. The department of revenue may issue a for a salvaged motor vehicle at least twenty-five years old and if, in the of the department of revenue it may be needed, require the to file with the department of revenue a in the form prescribed by the and by the applicant, and executed by a person to conduct a business in this state. The shall be in an amount equal to one and one-half times the value of the vehicle as determined by the department and to any prior owner and and any subsequent purchaser of the vehicle or person acquiring any in it, and their respective , against any expense, loss or damage, including reasonable , by reason of the of the certificate of title of the vehicle or on account of any defect in or undisclosed security interest upon the of the applicant in and to the vehicle. Any such has a to recover on the bond for any of its conditions, but the 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 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 of an to recover on the bond.
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Source & history notes
(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.)
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