(a) Withhold issuance of a certificate of title until the applicant presents documents reasonably sufficient to satisfy the Bureau of Motor Vehicles as to the applicant's ownership of the vehicle and that there are not undisclosed security interests in it; or
(b) As a condition of issuing a certificate of title, require the applicant to file with the Bureau of Motor Vehicles a bond in the form prescribed by the Bureau of Motor Vehicles and executed by the applicant, and either accompanied by the deposit of cash with the Bureau of Motor Vehicles or also executed by a person authorized to conduct a surety business in this Territory. The bond shall be in an amount equal to one and one-half times the value of the vehicle as determined by the Bureau of Motor Vehicles and conditioned to indemnify any prior owner and lienholder and any subsequent purchaser of the vehicle or person acquiring any security interest in it, and their respective successors in interest, against any expense, loss or damage, including reasonable attorney's fees, by reason of the issuance of the certificate of title of the vehicle or on account of any defect in or undisclosed security interest upon the right, title and interest of the applicant in and to the vehicle. Any such interested person has a right of action to recover on the bond for any breach of its conditions, but the aggregate liability of the surety to all persons shall not exceed the amount of the bond. The bond, and any deposit accompanying it, shall be returned at the end of three years or prior thereto if the vehicle is no longer registered in the Virgin Islands and the currently valid certificate of title is surrendered to the Bureau of Motor Vehicles, unless the Bureau of Motor Vehicles has been notified of the pendency of an action to recover on the bond.