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Originally Posted by mrmustang
A surety bond is a three-party instrument between a surety, the contractor and the project owner. The agreement binds the contractor to comply with the terms and conditions of a contract. If the contractor is unable to successfully perform the contract, the surety assumes the contractor's responsibilities and ensures that the project is completed.
http://en.wikipedia.org/wiki/Surety_bond |
So if a car is "Previously Titled as a Surety Bond" who holds title to the car and, presumably, is able to convey ownership (not just possession)?