Replevin Bonds Explained
Replevin bonds are a type of court bonds. They are needed in cases when a plaintiff wants to recover a property from a defendant.
In order to return the property before the final ruling, the court may require the plaintiff to post a replevin bond. It functions as a guarantee that if the final decision is in favor of the defendant, the plaintiff will give back the property back to them.
The replevin bond works as a contract between three entities. The principal is the plaintiff who has to obtain the bond. The obligee is the court which requires the bond to benefit the defendant. The surety is the bond provider.
Questions about Replevin Bonds
When do I have to obtain a replevin bond?
As a plaintiff demanding the return of a property through a replevin action, a court may order you to get a replevin bond, so that you can recuperate it before the final judgment. This can happen once you provide the bond, which guarantees you will comply with the court's decision, even if it is in favor of the defendant. In such cases, you would need to return the property in full and in its original condition. The bond also ensures the defendant can demand restitution and reimbursement for damages, since the court has ruled the property is now theirs.
What is the judiciary surety bond cost?
The surety bond cost that you should pay to get bonded is based on the required bond amount. It is set by the court which demands the bond. It is usually large enough to ensure compensation if the final rule is that your replevin action is wrongful; so typically it is equal to the value of the property in question.
The actual bond price is only a small percentage of the amount, about 1%-2%, referred to as the bond premium. It is set on the basis of your personal and business finances. The stronger they are, the smaller your bond cost would be. The factors that shape it for individuals include your personal credit score and financial stability, and in the case of business owners, their personal and company financials.
By assessing these indicators, the surety provider can evaluate how likely you are to pay out proven claims on your replevin bond. In most cases, as a plaintiff, you would need to also provide a 100% collateral to guarantee the return of the property.
Can I get this bond with bad credit?
Most court bonds are not available for applicants with unstable finances. The decision to issue a replevin bond would largely depend on the strength of your finances. Thus, it's difficult to obtain such a bond if you have bad credit.
How do I proceed with the bonding?
In order to obtain your replevin bond, you need to go through the following steps:
Fill them out and send them to [email protected] or fax them to (267)-362-4817.
Would you like to learn more about how bonding works? You can consult the in-depth guide on the How to Get Bonded page.
For further questions about replevin bonds, you can reach out to our bonding specialists. Just call us at (877) 514-5146.
What happens if I get a bond claim?
If you, as the plaintiff loses a replevin action, the court will order that you return the property to the defendant. If you fail to do so or don't return it in its original condition, the defendant who has won the case can file a claim against your replevin bond.
Initially, your surety may cover the damages paid out to the defendant on proven claims. However, you need to fully reimburse the surety, since the financial obligation is yours. Thus, all costs remain your liability, making bond claims a financial liability.
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