House Journal: Page 1108: Monday, April 1, 2002
Page 3
1 officer upon request or, when involved in a collision
2 or accident of any nature with another vessel or other
3 personal property, to the owner or operator of the
4 other vessel or personal property.
5 Sec. . NEW SECTION. 462A.5A FILING BOND AS
6 ASSURANCE OF OWNERSHIP.
7 An applicant for registration of a vessel for which
8 the county recorder is not satisfied as to the
9 ownership of the vessel as provided in section 462A.5,
10 subsection 1, shall file with the department a bond in
11 the form prescribed by the department and executed by
12 the applicant, and also executed by a person
13 authorized to conduct a surety business in this state.
14 The form and amount of the bond shall be established
15 by rule of the department. The bond shall be
16 conditioned to indemnify any prior owner and secured
17 party and any subsequent purchaser of the vessel or
18 person acquiring any security interest in the vessel,
19 and their respective successors in interest, against
20 any expense, loss, or damage, including reasonable
21 attorney fees, by reason of the issuance of the
22 registration certificate of the vessel or on account
23 of any defect in or undisclosed security interest upon
24 the right, title, and interest of the applicant in and
25 to the vessel. Any such interested person has a right
26 of action to recover on the bond for any breach of its
27 conditions, but the aggregate liability of the surety
28 to all persons shall not exceed the amount of the
29 bond. The bond shall be returned at the end of three
30 years or prior thereto if the vessel is no longer
31 registered in this state and the registration
32 certificate is surrendered to the department, unless
33 the department has been notified of the pendency of an
34 action to recover on the bond."
35 4. Title page, line 1, by inserting after the
36 word "to" the following: "county recorders,
37 including".
38 5. Title page, line 2, by inserting after the
39 word "recorder" the following: "and a method for
40 issuing certificates of title for snowmobiles and all-
41 terrain vehicles, and registration certificates for
42 certain watercraft, for which ownership has not been
43 conclusively established".
44 6. By renumbering, relettering, or redesignating
45 and correcting internal references as necessary.
The motion prevailed and the House concurred in the Senate
amendment H-8465.
© 2002 Cornell College and
League of Women Voters of Iowa
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