If the State Tax Commission is not satisfied as to the ownership of the vehicle, manufactured home or mobile home or that there are no undisclosed security interests in it, the commission may accept the application but shall either:
Withhold issuance of a certificate of title until the applicant presents documents reasonably sufficient to satisfy the commission as to the applicant's ownership of the vehicle, manufactured home or mobile home and that there are no undisclosed security interests in it; or
As a condition of issuing a certificate of title, require the applicant or dealer to file with the commission a bond in the form prescribed by the commission and executed by the applicant or dealer and by a person authorized to conduct a surety business in this state, or require the application to be accompanied by the deposit of cash with the commission. The bond or cash shall be in an amount equal to one and one-half (1-1/2) times the value of the vehicle, manufactured home or mobile home as determined by the commission and conditioned to indemnify any prior owner and lienholder and any subsequent purchaser of the vehicle, manufactured home or mobile home 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 certificates of title of the vehicle, manufactured home or mobile home 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, manufactured home or mobile home. Any such interested person has a right of action to recover on the bond or cash for any breach of its conditions, but the aggregate liability of the surety to all persons shall not exceed the amount of the bond or cash. The bond or cash shall be returned at the end of three (3) years unless the commission has been notified of the pendency of an action to recover on the bond or cash or that the vehicle, manufactured home or mobile home does not belong to the registered owner or that it is encumbered by an undisclosed lien.
Structure Mississippi Code
Title 63 - Motor Vehicles and Traffic Regulations
Chapter 21 - Motor Vehicle Titles
Article 1 - General Provisions
§ 63-21-15. Application for certificate of title; expedited title processing
§ 63-21-18. Automated statewide motor vehicle title registration system
§ 63-21-21. Delivery of certificate of title
§ 63-21-25. Refusal to issue certificate of title
§ 63-21-29. Issuance of distinctive certificate of title
§ 63-21-35. Procedure upon transfer of interest of owner by operation of law
§ 63-21-37. Issuance of new certificate of title; disposition of surrendered certificates
§ 63-21-41. Applicability of chapter to particular liens and security interests
§ 63-21-47. Assignment of security interest by lienholder
§ 63-21-53. Perfection of unsatisfied security interest in previously registered vehicle
§ 63-21-59. Suspension or revocation of certificate of title
§ 63-21-64. Fees paid to Department of Revenue for issuing and processing necessary documents
§ 63-21-65. Disposition of fees
§ 63-21-71. Penalties for violations of chapter generally
§ 63-21-73. Penalty for felonies