A writ of sequestration is a prejudgment action that allows the court to seize or attach property or assets on behalf of the plaintiff. In an effort to make this process easier, a writ of sequestration bond is often used. The surety bond covers the action, so in the event something goes awry, the bond keeps things together.
Surety bonds are commonly used in attachment proceedings. A surety bond expert at Jurisco can help you determine if your situation would benefit from a surety bond.
Writ of Sequestration Bond Terms
The terms of a writ of sequestration bond are typically set by the court. There are situations where the defendant can make special requests, but it is up to the court’s discretion. Most commonly, a writ of sequestration bond covers the value of the assets being seized. Securing a bond that protects the assets, proves to the court that the plaintiff has taken the appropriate steps.
The cost of a sequestration bond is often a small percentage of its overall value. This is one reason why securing a writ of sequestration surety bond can be done so quickly. A judge can increase the bond amount to cover legal fees and/or the law enforcement agency entrusted to seize the assets.The U.S. Marshals Service deals with writ of sequestrations as a part of their regular duties.
Online Surety Bond Applications
Jurisco offers online writ of sequestration bond applications to make the surety bond process easier. Surety bond experts know that time is of the essence in bonding issues. Jurisco routinely delivers same day surety bond service.
When a judge gives the green-light on a sequestration, it’s important to have everything ready to go. Jurisco can make sure that a surety bond is secured within the designated time frame.
Contact Jurisco to discuss writ of sequestration bonds and how one may help your case. A surety bond expert can discuss your state’s restrictions to find the lowest cost for your surety bond.
Being faced with the decision between using cash or a surety bond is more common than one might think. Cash surety bond requirements arise in a range of situations including criminal and business matters. Knowing the benefits of both is the best way to choose which is right for the situation.
When is a Cash or Surety Bond Required?
While people may be more familiar with cash bonds in criminal cases, as the Legal Aid bond explanation highlights, those same situations could also use a surety bond. When the difference is sleeping at home or sleeping in jail, a surety bond can be the faster resolution. Courts tend to set high bail amounts, which can be hard to cover in one full payment. A surety bond only requires a fraction of the cost.
One area that typically does not receive press for their bond issues is business. Every state sets mandates for their surety and cash bonds. These include business requirements for sellers of travel, real estate, et al. If a business is making the news over bonds it generally doesn’t spell good news for them.
Construction companies deal with bonds on a routine basis. The Nevada State Contractors Board cash surety bond discussion shows how each can affect project timelines. Again, being able to cover a fraction of the cost, instead of one large sum, can help the timeline and bottom line.
The Cash Surety Bond Solution
Cash may appear the less headache solution. Why not cover the full amount and not have to deal with a bond company? Well, if the cash requirement is $100 that seems doable. But what if it’s $1,000 or $10,000 or $100,000? Then cash isn’t the best way to handle things. A surety bond generally beats the cash option since it is faster to obtain.
With a surety bond, the full amount will be covered even though the upfront cost is minimal. A surety bond can also provide extra protection that paying in cash doesn’t provide. To learn more about how surety bonds work, contact a bond expert at Jurisco.
Jurisco works with clients with a variety of bond needs. A team of surety bond experts is here to answer any questions about cash surety bond situations. Contact them today.
Real estate can often become involved in surety bond issues. Bond real estate can be complicated which is why Jurisco works with clients to make it as simple as possible. Whether real estate gets tied up in a guardian’s duty, a lien due to nonpayment, or when the sale of a property is attempted to be blocked a surety bond needs to be right to work.
Different Types of Bond Real Estate Needs
Investing in real estate can be profitable. However, it can also be very costly if a property gets tied up in legal issues. Jurisco wants to help people understand the different types of surety bonds that can help and affect real estate. Following is a brief description of common bonds. Don’t see what you’re after? Contact us to talk more in depth.
A common type of bond for real estate is the lis pendens bond. A lis pendens bond is a surety bond that blocks the sale of property. This can happen when a couple divorces, when a lien is placed on a property, or even when taxes are owed on a property. A lis pendens bond halts the sale 0f a property to give the court time to resolve the issue.
Another surety bond for real estate is a release of lien bond. Liens are typically placed on a property over non-payment disputes. Construction companies, for example, can put a lien on a property if they do not receive payment for work completed or materials bought. Property liens can be detrimental as it ties up property in legal disputes. A release of lien bond replaces the lien with a surety bond.
Real estate can be tied up in surety bonds that do not specifically mention property. A guardianship bond or curator bond are good examples of this. Since a guardian is in charge of an estate, a surety bond may be required to help protect the property against any mishandling of funds. It all depends on the type of estate, range of guardianship bond, and current legal issues.
Meeting State Surety Bond Requirements
Jurisco deals with surety bonds in every state. A team of surety bond experts works with clients to make sure they understand their state’s requirements and how they can get the most out of a bond real estate surety.
It’s always important to know what states and local jurisdictions require. That’s why Jurisco takes the time to stay on top of surety bond changes at the state level. Contact us today to learn more about bond real estate issues and how a surety bond can help your situation.
A release of lien bond is a type of surety bond for an estate or company who owes money for labor, material cost, and other lack of payment scenarios. Typically, a release of lien bond is filed after a construction company or subcontractors who worked on a project have placed a lien on the property. Once a lien is placed on an estate or property, it must be removed before additional work can be completed or the property can be sold.
Failure to Pay Means Liens Succeed
When a construction company or employee choose to file a lien against property it is usually after all over attempts to receive payment have failed. Each state has their own guidelines to when a lien can be filed and who can file such a lien. For example, some subcontractors will find their contract between the construction company and owner rule out their ability to place a lien. Instead, the subcontractor has to go through the construction company for their disputes.
These types of property liens can cause serious problems for the estate holder. To start, the property cannot be sold if it has an existing lien. This can also cause issues with property taxes and so on. A judge can step in and remove the lien if it is found to be unjust. This can happen because the court has determined no party is owed money or if the lien was filed in an improper way (i.e. not filed within the set timeframe).
Liens Hurt Businesses
Liens happen to public businesses as much, if not more so, than they do to private citizens. When a lien is placed on a business it can cause serious issues such as failure to operate their business which leads to bankruptcy. A recent story of how a lien can affect a business comes out of Lake Tahoe where the Hard Rock Casino needed a release of lien to remove business hurdles.
How to Release a Lien
A release of lien bond is one of the fastest ways to remove a lien. Filing for a release of lien surety bond does not mean that the party admits to owing money. The surety bond is simply a placeholder for the alleged money owed.
States and courts accept a release of lien bond because it guarantees two things. One, that the owed party will receive payment if the court rules they are owed for services. Second, it clears the property of having a lien so work can continue or the property can be sold.
Jurisco can assist with a release of lien surety bonds in every state. A team of surety bond professionals is on hand to answer any questions about liens and how they can be removed.
Contact Jurisco about a release of lien bond today to learn more about surety bonds and how they may help your case.