CA DMV Form REG 5059. Vehicle, Vessel, or Off-Highway Vehicle Title Deposit Agreement and Assignment

Form REG 5059 is an agreement used by an applicant, and if applicable, a financial institution, to post a deposit in lieu of a bond. It is used when the applicant is unable to provide the regularly required written evidence of ownership for a vehicle, vessel, or off-highway vehicle. The form establishes the deposit amount and terms, assigns the rights to the deposit, and outlines the conditions for release.

Application Example: If an applicant does not possess the required proof of ownership documentation for a vehicle, vessel, or off-highway vehicle, Form REG 5059 can be used to post a deposit in lieu of a bond. This can occur when purchasing a vehicle from a private party without a clear title or when transferring ownership under specific circumstances that warrant an alternative to traditional proof of ownership.

Related Forms: Depending on the situation, alternative forms such as surety bonds or other agreements may be used to address the lack of proper proof of ownership. However, Form REG 5059 specifically pertains to the deposit agreement and assignment for vehicles, vessels, and off-highway vehicles in California.