Is there a way to release liability of a vehicle while still being a registered owner?
Question Details: If I am 1 of 3 registered names on a vehicle is there a release of liability form the other 2 parties can sign to protect me if either of them are in a car accident? The vehicle is not in my possession but I am on the registration. All 3 parties are of legal age and I do wish to continue being on the registration.
You can't release yourself, or be released, vis-a-vis third parties: that is, you and/or your co-owners cannot give up or release other person's rights to sue *all* owners, including you, if there is an accident involving the vehicle (or, for that matter, a breach of some agreement or contract about the vehicle, such as--if it is financed--a failure to make the monthly payments). Your co-owners could agree to indemnify you, or pay on your behalf, if you are sued and end up having to pay due to your ownership of the car, but that would be between you and them: i.e. it would give you the right to sue them if you end up having to pay anything. It would in no way prevent you from being sued by a third party, but rather would only give you recourse for reimbursement.
And, of course, it would be voluntary on your co-owner's part to give you such an indemnification agreement, and it's not clear why they would do this.