North Carolina Vehicle in Storage Law

http://www.ncdot.gov/download/dmv/vr_mvr92h.pdf

MVR-92A
(Rev. 09/12)
REQUIREMENTS/INSTRUCTIONS FOR OB
TAINING TITLE BY FILING AN
INDEMNITY BOND
THE DIVISION HAS THE RIGHT TO REJECT
ANY BOND AND REFUSE ISSUANCE OF TITLE.
(G.S. 20-76)
BONDS ARE NOT ACCEPTABLE:
1.
On abandoned vehicles. (G.S. 20-77)
2.
Mechanics and Storage Liens. (G.S. 44A)
3.
When there is an outstanding lien for which a lien cancellation cannot be furnished. (G.S. 20-58.4) Vehicle must
be free of all liens including customers. After new title is issued, lien can then be added.
4.
When litigation is pending (e.g. Death, civil suits, divorce, repo, or a party to legal action).
5.
When the vehicle is not domiciled in North Carolina.
6.
When the applicant is a nonresident and the vehicle is not registered in North Carolina.
7.
When a vehicle is branded parts only, non-rebuildable, or declared junked.
8.
When a vehicle has been declared a total loss by an insurance company and never titled in the insurance
company’s name. (G.S. 20-109.1)
9.
When a vehicle has been declared a total loss by an insurance
company and sold without a title.

DO NOT OBTAIN BOND BEFORE
COMPLETING STEPS 1 THRU 3.
STEPS TO COMPLETE:
1.
Affidavit of Facts (Form MVR-92H) must be completed
in full detail. Any omissions
or incomplete answers
could result in a delay or denial in the issuance of a title
by bond. This form must be signed in the presence of a
notary. Any evidence of ownership must be attached to
the MVR-92H. If there is a lien on the vehicle, lien release
must be attached. This form must be completed prior to Step #2.
2.
The vehicle must be inspected by a NCDMV License &
Theft Bureau Inspector. The inspector will provide a
report of inspection (LT-270). If the vehicle is not in
operable condition at the time of inspection then an
Inoperable Title will be issued and no
registration will be issued until the vehicle has been deemed operable by a
NCDMV License & Theft Bureau Inspector.
3.
The value of motor vehicles is determined from the
current Value Schedule, which can be obtained from any
license plate agency or by calling
the NCDMV Customer Contact Center (919-715-7000). For mobile homes and
vehicles not listed in the Value Schedule, two apprai
sals from North Carolina dealers will be required. The
appraisals must be on the dealer’s letterhead and must be
submitted with the bond. The bond must be for one and
one-half (1½) times the highest appraisal.
4.
An Indemnity Bond written by an insurance company licen
sed to write Surety Bonds in North Carolina. The bond
must be for one and one-half (1½) times the value of th
e vehicle as shown in the Value Schedule provided by the
Division and must be for a minimum of $100.00. The bond
must be signed and witnessed on reverse side by the
bonding company and applicant. Power of Attorney from
the bonding company must be attached. No alterations
are allowed on the bond. The bond must remain on file
with the Division for a period of three years. Upon
issuance of said new certificate of title, the said bond shall
become effective and remain in full force and effect
until surrendered by the State of North Carolina, Division of Motor Vehicles, as provided in Section 76 of
Chapter 20 of the General Statues of North Carolina.
5.
Application for title (Form MVR-1) completed in full a
nd signed in the presence of a notary. The name on the
MVR-1 must be identical to the name listed on the In
demnity Bond and the Inspector’s Report (LT-270). The
VIN (See Note 1), vehicle year, make and body style (See
Note 2) on the MVR-1 must be identical to the
Indemnity Bond and the Inspector’s Report (LT-270).
6.
Title Fee and Highway Use Tax is due at time of titling vehicle.

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