Form VT-020 Motor Vehicle / Vessel Title Bond - Vermont

What Is Form VT-020?

This is a legal form that was released by the Vermont Department of Motor Vehicles - a government authority operating within Vermont. As of today, no separate filing guidelines for the form are provided by the issuing department.

FAQ

Q: What is Form VT-020?A: Form VT-020 is the Motor Vehicle/Vessel Title Bond used in Vermont.

Q: When is Form VT-020 used?A: Form VT-020 is used when a person is unable to provide the required documents to obtain a motor vehicle or vessel title in Vermont, and instead needs to post a bond.

Q: What does Form VT-020 require?A: Form VT-020 requires information about the principal (the person applying for the bond), the surety (the company providing the bond), and the obligee (the Vermont Department of Motor Vehicles). Additionally, it requires details about the motor vehicle or vessel for which the bond is being obtained.

Q: Why is a motor vehicle/vessel title bond needed?A: A motor vehicle/vessel title bond is needed when the original title or required legal documents for a motor vehicle or vessel are lost, stolen, or unavailable. The bond serves as a guarantee of indemnification for any damages or losses if the original owner or lienholder asserts a claim against the title.

Q: Are there any fees associated with Form VT-020?A: Yes, there is a fee associated with obtaining a motor vehicle/vessel title bond in Vermont. The fee amount may vary.

Q: What happens after submitting Form VT-020?A: After submitting Form VT-020 and the required fee, the bond will be reviewed by the Vermont Department of Motor Vehicles. If approved, the bond will allow the applicant to obtain a motor vehicle or vessel title.

Q: How long is a motor vehicle/vessel title bond effective for?A: A motor vehicle/vessel title bond is effective for a period of three years from the date it is approved by the Vermont Department of Motor Vehicles.

Q: Can I cancel a motor vehicle/vessel title bond?A: Yes, a motor vehicle/vessel title bond can be cancelled. However, the bond must be replaced by an acceptable alternative within 30 days of cancellation to maintain a valid title.

Q: What happens if there is a claim against the motor vehicle/vessel title bond?A: If there is a valid claim against the motor vehicle/vessel title bond, the bonding company is responsible for resolving the claim and providing compensation according to the terms of the bond.