Nebraska Administrative Code
Topic - MOTOR VEHICLES, DEPARTMENT OF
Title 248 - NEBRASKA DEPARTMENT OF MOTOR VEHICLES
Chapter 4 - RULES AND REGULATIONS GOVERNING BONDED TITLES FOR VEHICLES, NEB. REV. STAT. SECTION 60-167
Section 248-4-007 - BONDS

Universal Citation: 248 NE Admin Rules and Regs ch 4 ยง 007

Current through September 17, 2024

007.01 Purpose.

The bond shall be conditioned to indemnify any prior owner and secured party, and subsequent purchaser and secured party, and any successor of the purchaser and secured party for any expense, loss, or damage, including reasonable attorney's fees, incurred by reason of the issuance of the certificate of title to the vehicle or any defect in or undisclosed security interest upon the right, title, and interest of the applicant(s) in and to the vehicle.

007.02 Issuance.

The bond shall be issued by a surety company authorized to transact business in this state by the Nebraska Department of Insurance.

007.03 Value.

The bond shall be issued in an amount equal to one and one half times the value of the vehicle as determined by the Department using reasonable appraisal methods.

007.04 Cause of Action.

An interested person may have a cause of action to recover on the bond for a breach of the conditions of the bond. The aggregate liability of the surety to all persons having a claim shall not exceed the amount of the bond.

007.05Period.

The bond shall be in effect for three years.

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