Form FT459 Assignment of Securities in Lieu of Surety Bond - Virginia

What Is Form FT459?

This is a legal form that was released by the Virginia Department of Motor Vehicles - a government authority operating within Virginia. As of today, no separate filing guidelines for the form are provided by the issuing department.

FAQ

Q: What is Form FT459?
A: Form FT459 is the Assignment of Securities in Lieu of Surety Bond.

Q: What is the purpose of Form FT459?
A: The purpose of Form FT459 is to allow the assignment of securities as an alternative to providing a surety bond.

Q: What is a surety bond?
A: A surety bond is a contract between three parties: the principal (the person who needs the bond), the obligee (the party requiring the bond), and the surety (the company providing the bond). It guarantees that the principal will fulfill their obligations.

Q: What does 'in lieu of' mean?
A: 'In lieu of' means instead of or as a substitute for.

Q: Who uses Form FT459?
A: Form FT459 is used by individuals or businesses in Virginia who need to provide a security deposit as an alternative to a surety bond.

Q: What types of securities can be assigned?
A: Various types of securities can be assigned, including cash, certificates of deposit, stocks, and bonds.

Q: How does the assignment of securities work?
A: The assignor (the party assigning the securities) completes Form FT459, identifying the securities being assigned and their current market value. The assignee (the party receiving the assignment) accepts the assignment, and the securities are transferred to their ownership.

Q: Are there any restrictions on the use of Form FT459?
A: Form FT459 can only be used if the assignee accepts the assignment and if the assigned securities are acceptable to the obligee.

Q: Is Form FT459 specific to Virginia?
A: Yes, Form FT459 is specific to Virginia and is used within the state.