Form FT 459. Assignment of Securities in Lieu of Surety Bond - Virginia

Form FT 459. Assignment of Securities in Lieu of Surety Bond is used by customers to submit collateral (certificate of deposit) in lieu of a surety bond to the Virginia Department of Motor Vehicles (DMV). The primary purpose of this form is to allow customers to meet financial responsibility requirements without obtaining a traditional surety bond.

The parties involved in this form are the customers submitting the collateral and the Virginia Department of Motor Vehicles (DMV). The form consists of sections where the customer provides information about the type and value of the collateral being assigned.

Important fields in this form include the customer's name, contact information, details of the assigned collateral (e.g., certificate of deposit amount), and the purpose of the assignment (e.g., financial responsibility for a fleet of vehicles).

An example scenario where this form would be used is when a business owner with a large fleet of vehicles needs to demonstrate financial responsibility for the vehicles but prefers not to obtain a traditional surety bond. By using this form, the owner can assign a certificate of deposit as collateral to fulfill the financial responsibility requirement.

When filling out this form, the customer must accurately provide details of the assigned collateral and ensure compliance with the DMV's requirements for the assigned securities. The customer should also retain evidence of the assignment for their records.

No specific additional documents are mentioned for this form. Related forms could include other forms used to provide financial responsibility proof to the DMV. An alternative could be obtaining a surety bond from an authorized bonding company instead of assigning securities as collateral.