Supersedeas bonds, as those who have been reading the Jurisco surety bond blog regularly will know, is one of the most common type of surety bonds in Florida. We have discussed the supersedeas bond topic often, focusing on state requirements, bond cost, differing local mandates, and the general necessity of the court bond. This is one of our major topics to keep our clients informed of any and all changes to supersedeas bond legislation and responsibilities. Today we continue this trend by focusing on appeal bonds in Florida.
What does a supersedeas bond do in Florida?
A supersedeas bond is a type of defendants bond in Florida. When the defendant appeals the court’s judgment, most typically a money judgment, they will use a bond to satisfy their requirement to pay. While lawyers file appeals and set up new hearings, the supersedeas bond stays the judgment and proves to the court that the judgment will be honored without false delay.
Do all Florida courts require an appeal bond to be used?
Any defendants wishing to appeal a money judgment will be required to post an appeal bond or can post the same amount with the registry of the court. While both parties have a right to appeal, the judgment can only be stayed with an appeal bond. It shows the court the judgment will be paid in full and may even cover court cost and interest.
What is the bond amount?
The surety bond cost depends on the bond amount required by the Florida statute. Businesses find this to be a hindrance when the money judgments against them are in the million plus range. As the cost of the judgments increase the bond premium will decrease. At Jurisco the premium amount is one percent of the amount with collateral or two percent without collateral (if qualified). Contacting us today is the fastest way to find out how much the supersedeas bond amount will be.