The Michigan TR 122 form is a Uniform Surety Bond required for individuals seeking a Certificate of Manufactured Home Ownership. This bond serves as a safeguard for the Michigan Department of Licensing and Regulatory Affairs, ensuring that ownership claims of manufactured homes are legitimate. For those ready to take the next step, fill out the form by clicking the button below.
The Michigan Tr 122 form, known as the Uniform Surety Bond for Manufactured Home, plays a crucial role in the process of obtaining a Certificate of Manufactured Home Ownership. This form must be submitted to the Michigan Department of Licensing and Regulatory Affairs alongside the application for ownership certification. It serves as a safeguard for the department, ensuring that ownership of the manufactured home is clearly established. The applicant, referred to as the Principal, must provide their name, address, and details about the manufactured home, including its year, make, serial number, and size. The bond amount is set at twice the value of the home, reflecting the financial commitment made by the Principal and the Surety Company. This bond protects the department and any interested parties from potential losses or damages arising from ownership disputes. Key provisions of the bond allow interested parties to seek recovery for damages, while limiting the Surety's liability. The bond remains effective for five years, with the possibility of return if no claims are made during that period. Understanding the requirements and implications of the Michigan Tr 122 form is essential for anyone navigating the complexities of manufactured home ownership in the state.
Michigan Department of Licensing and Regulatory Affairs
Uniform Surety Bond for Manufactured Home
(To be filed with the application for Certificate of Manufactured Home Ownership)
Applicant Name
Date
Residence Address
City
State
Zip Code
The above applicant wishes to apply for a Certificate of Manufactured Home Ownership for the following unit:
Year
Make
Serial Number
Size
Because the Michigan Department of Licensing and Regulatory Affairs is not satisfied as to the ownership of this manufactured home, the department requires the applicant to file this bond as a condition of issuing a Certificate of Manufactured Home Ownership pursuant to section 125.2330a(2) of the Mobile Home Commission Act [MCL 125.2330(a)(2)].
We, ________________________________ , as Principal, and ___________________________________ ,
(Name of Applicant)(Name of Authorized Surety Company)
as Surety, by this instrument firmly bind ourselves, our heirs, executors, administrators and successors, and assigns, jointly and severally, to the Michigan Department of Licensing and Regulatory Affairs, its officers and employees, for the benefit of any interested person, in the amount of $________________________ Dollars.
The Principal shall indemnify and hold harmless the Department of Licensing and Regulatory Affairs, every employee of the Michigan Department of Licensing and Regulatory Affairs, any prior owner, any subsequent purchaser of the manufactured home described above, and their successors in interest, against any expense, loss or damage, including reasonable attorney fees, by reason of the issuance of a Certificate of Manufactured Home Ownership to the Principal for the unit described above, or on account of any defect in the right, title or interest of the Principal in the manufactured home.
This bond is subject to the following provisions:
1.Any interested party may bring an action in the party’s own name to recover on this bond any damages sustained by the party for any breach of the conditions for which the bond is deposited, and may recover costs and reasonable attorney fees.
2.The Surety’s aggregate liability to all interested persons shall not exceed the amount set forth above.
3.If the manufactured home is no longer titled in this state and the currently valid Certificate of Manufactured Home Ownership is surrendered, the latest the bond will be returned is at the end of five years from the time it was issued, unless the department receives notification of pending action to recover on this bond.
The Principal and Surety have executed this bond on ___________________________, 20 ______.
APPLICANT – PRINCIPAL
SURETY
X___________________________________
(Signature of Principal or Authorized Agent of Principal)
(Signature of Authorized Agent of Surety Company)
____________________________________
(Print or Type Name)
TR-122 (01/12)
Manufactured Home Uniform Surety Bond
Instruction Sheet
1.Before you can title a manufactured home that has no clearly established record of ownership, you must file a Manufactured Home Uniform Surety Bond (TR-122) with the Michigan Department of State along with your application for Certificate of Manufactured Home Ownership.
2.The bond’s amount must equal twice the value of the manufactured home.
3.The person applying for the Certificate of Manufactured Home Ownership, whether an individual, partnership, firm or corporation, and a representative of the insurance company or bonding agency must sign the surety bond. Applicants are named as the “Principal” and must include their complete residence or business address.
4.The Michigan Department of Licensing and Regulatory Affairs must license the surety company. A duly authorized agent of the surety company must issue the bond. If the agent is a licensed nonresident agent, a licensed resident agent must countersign the bond.
5.The effective date of the bond must be no later than the date of application for the title.
6.A surety bond is issued for five years. If no claims are made against it at the end of five years, the department will return the bond.
Filling out the Michigan Tr 122 form is an important step in applying for a Certificate of Manufactured Home Ownership. This form requires specific information about the applicant and the manufactured home. Follow these steps carefully to ensure the form is completed correctly.
After completing the form, review it for accuracy before submission. Ensure that all required signatures are present. Once verified, submit the completed form along with your application for the Certificate of Manufactured Home Ownership to the Michigan Department of State.
The Michigan TR 122 form is a Uniform Surety Bond required by the Michigan Department of Licensing and Regulatory Affairs. It is specifically used when applying for a Certificate of Manufactured Home Ownership, particularly when there is no clear record of ownership for the manufactured home.
Any individual, partnership, firm, or corporation seeking to obtain a Certificate of Manufactured Home Ownership for a manufactured home without a clearly established record of ownership must file the TR 122 form.
The form requires the following information:
The surety bond serves as a financial guarantee to the Michigan Department of Licensing and Regulatory Affairs. It protects the department and any interested parties against potential losses or damages resulting from the issuance of a Certificate of Manufactured Home Ownership. This includes indemnifying against any claims related to ownership disputes.
The surety bond is valid for five years. If no claims are made against it during this period, the bond will be returned to the applicant at the end of the five years, provided the department is notified of no pending actions related to the bond.
If an interested party suffers damages due to a breach of the bond's conditions, they may bring an action in their own name to recover those damages. This includes the right to recover costs and reasonable attorney fees associated with the claim.
The TR 122 form must be signed by the applicant, referred to as the "Principal," and a duly authorized representative of the surety company. This ensures that both parties are legally bound by the terms of the bond.
The surety company must be licensed by the Michigan Department of Licensing and Regulatory Affairs. Additionally, a licensed agent must issue the bond. If the agent is a nonresident, a licensed resident agent must also countersign the bond.
The effective date of the bond must coincide with or be no later than the date of the application for the title of the manufactured home. This ensures that the bond is active during the application process.
The amount of the surety bond must equal twice the value of the manufactured home. This requirement is in place to provide adequate financial coverage for any potential claims that may arise.
Failing to provide complete information in the applicant section. Ensure that the applicant's name, address, and all other required details are filled out accurately.
Not signing the form. Both the applicant and the surety company’s authorized agent must provide their signatures. Missing signatures can lead to delays.
Incorrectly calculating the bond amount. The bond must equal twice the value of the manufactured home. Double-check this calculation to avoid issues.
Using an unlicensed surety company. Ensure that the surety company is licensed by the Michigan Department of Licensing and Regulatory Affairs. This is crucial for the bond to be valid.
Not adhering to the effective date requirement. The bond's effective date must match or be earlier than the application date for the title. This is essential for compliance.
The Michigan TR 122 form is essential for individuals seeking a Certificate of Manufactured Home Ownership. This document serves as a surety bond, ensuring that the ownership of the manufactured home is valid and legally recognized. Along with the TR 122 form, several other documents are commonly required or recommended to facilitate the process. Below is a list of these documents, each with a brief description.
These forms and documents collectively ensure that the process of obtaining a Certificate of Manufactured Home Ownership is thorough and legally sound. Each document plays a crucial role in verifying ownership and compliance with state regulations.
The Michigan Tr 122 form, a Uniform Surety Bond for Manufactured Homes, shares similarities with the Personal Surety Bond. A Personal Surety Bond involves an individual or entity acting as a guarantor for another party's obligations. Like the Tr 122, it requires the surety to compensate for losses resulting from the principal's failure to meet their commitments. Both documents serve to protect the interests of involved parties and ensure compliance with legal requirements. In essence, they both create a financial safety net, allowing individuals or entities to engage in transactions with a layer of security against potential defaults.
Another document akin to the Michigan Tr 122 is the Construction Surety Bond. This bond is often required in construction contracts to guarantee that a contractor will complete a project according to the agreed-upon terms. Similar to the Tr 122, it involves a principal (the contractor), a surety (the bonding company), and an obligee (the project owner). Both bonds aim to provide assurance that obligations will be fulfilled, protecting the obligee from financial loss. The Construction Surety Bond also allows for claims to be made against it if the contractor fails to meet their obligations, paralleling the protective function of the Tr 122.
The Performance Bond is another document that operates in a manner similar to the Michigan Tr 122. This bond guarantees that a contractor will perform their contractual duties, much like how the Tr 122 ensures the proper ownership of a manufactured home. Both bonds involve a three-party agreement and serve as a form of security for the obligee. In cases where the principal defaults, the surety is responsible for covering the financial losses, reinforcing the trust between parties in a contractual relationship.
Lastly, the Indemnity Bond bears resemblance to the Michigan Tr 122 form. This type of bond protects one party from losses caused by another party's actions or inactions. Like the Tr 122, an Indemnity Bond holds the principal accountable for any damages that arise, providing a financial remedy for the aggrieved party. Both documents require a surety to back the principal's obligations, ensuring that there are resources available to cover potential claims. This shared goal of risk mitigation underscores the importance of both forms in facilitating secure transactions.
When filling out the Michigan TR-122 form, there are several important guidelines to follow. Here’s a list of things you should and shouldn’t do to ensure a smooth process.
By following these guidelines, you can help ensure that your application for a Certificate of Manufactured Home Ownership proceeds without unnecessary delays or complications.
Here are seven misconceptions about the Michigan Tr 122 form, along with clarifications for each:
Filling out and utilizing the Michigan TR 122 form is a crucial step for those seeking a Certificate of Manufactured Home Ownership. Here are key takeaways to consider:
Understanding these elements can facilitate a smoother process when dealing with manufactured home ownership in Michigan.