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27-15-2204. Assemblage of vehicle.
Arkansas Code — all titles (historical 2020) · legal_authorities
27-15-2204. Assemblage of vehicle.
(a)(1)(A) A collector who has assembled a vehicle meeting the specifications of this subchapter from parts obtained from a variety of different sources and at various different times shall be issued a title upon furnishing a bill or bills of sale for the components.
(B) In cases when that evidence by itself is deemed inadequate, the collector shall execute an affidavit in verification.
(2) To be considered adequate, bills of sale shall be notarized and shall indicate the source of the engine and body and shall list the identification or serial number of the engine and body for the chassis, if applicable.
(b) A person who purchases an assembled vehicle from a collector who has not obtained a title to the assembled vehicle as provided in subsection (a) of this section shall be issued a title to the vehicle only if the purchaser of the vehicle follows the process under § 27-14-409(c)(1). For the purposes of this subsection, the amount of the bond shall be an amount equal to the value of the vehicle as determined by the Office of Motor Vehicle.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 27-15-2204
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
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Record provenance
Stable record: arkansas_code:legal_authorities:27-15-2204
Source file: gov.ar.code.title.27.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 0acdd60994195ed2b385c9889b3df0121f4c9377a9e2f8cc3c79ef806a2cbbe4
Source location: content.xml paragraph 4772
Stored source content
27-15-2204. Assemblage of vehicle.
(a)(1)(A) A collector who has assembled a vehicle meeting the specifications of this subchapter from parts obtained from a variety of different sources and at various different times shall be issued a title upon furnishing a bill or bills of sale for the components.
(B) In cases when that evidence by itself is deemed inadequate, the collector shall execute an affidavit in verification.
(2) To be considered adequate, bills of sale shall be notarized and shall indicate the source of the engine and body and shall list the identification or serial number of the engine and body for the chassis, if applicable.
(b) A person who purchases an assembled vehicle from a collector who has not obtained a title to the assembled vehicle as provided in subsection (a) of this section shall be issued a title to the vehicle only if the purchaser of the vehicle follows the process under § 27-14-409(c)(1). For the purposes of this subsection, the amount of the bond shall be an amount equal to the value of the vehicle as determined by the Office of Motor Vehicle.
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Arkansas Code — all titles (historical 2020) · legal_authorities
27-14-409. Processing of applications.
(a) The Office of Motor Vehicle shall examine and determine the genuineness, regularity, and legality of every application for registration of a vehicle, for a certificate of title therefor, and of any other application lawfully made to the office.
(b) The office may, in all cases, make investigation as may be deemed necessary or require additional information and shall reject any such application if not satisfied of the genuineness, regularity, or legality thereof, or of the truth of any statement contained therein, when authorized by law.
(c)(1) If the office is not satisfied as to the ownership of a vehicle or that there are no undisclosed security interests in it, the office may accept the application, but shall, as a condition of issuing a certificate of title, require the applicant to file with the office a bond in the form prescribed by the office.
(2) The bond shall be in an amount equal to one and one-half (1 1/2) times the value of the vehicle, as determined by the office.
(3)(A) The bond shall be conditioned to indemnify any prior owner and lienholder and any subsequent purchaser of the vehicle, or person acquiring any security interest in it, and their respective successors in interest, heirs, or assigns against any expense, loss, or damage, including reasonable attorney's fees, by reason of the issuance of the certificate of title of the vehicle.
(B) Any such interested person has a right of action to recover on the bond for any breach of its conditions, but the aggregate liability of the surety to all persons shall not exceed the amount of the bond.
(4) The bond, and any deposit accompanying it, shall be returned at the end of three (3) years, unless the office has been notified of the pendency of an act
Source: Arkansas Code — historical release 78 (November 6, 2020) · 27-14-409
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 27-14-409. This identifies an authority to review, not proof of applicability.