Purpose of the bond is, 'if' any previous owner does show up to
claim the truck, he gets the bond, you keep the truck.
The court will order a nation wide search of you vin or engine
number to see if it's still registered anywhere. If not then an
insurance company can issue the bond, which is held by the
state till the time is up. If no one claims the bond by the
time the waiting period is up the bond goes away and they are
out of luck. Either way, the truck is yours with a clear title.
The only catch is if the initial search turns up a registered owner who
says that the truck was stolen, then you bought a stolen truck
and your out that money.
That's the way I read the Illinois application for lost title.
Had a friend once that went thru the same thing.
Denny G
Last edited by Denny Graham; 07/12/2014 11:27 AM.
