Types of Surety Bonds

Types of surety bondsAs an attorney, it is necessary to look at the case from all angles. That includes what will happen in the event of a victory and in the chance of defeat. Part of this preparation means reviewing which Types of Surety Bonds may be required on the behalf of the client. Now this, of course, changes on whether or not the client is a defendant or plaintiff.

Defendant Bonds

Perhaps two of the most common surety bonds a defendant will need is a counter replevin bond and an appeal bond. Both give the client a little judicial wiggle room to get around a court’s ruling. Other types of surety bonds include a release of lien bond and a release of lis pendens bond.

A counter replevin bond is used when a defendant has already had their property taken away or levied. This surety bond shows the court good faith that if the property is returned to the defendant before a judgement is made that the property will be turned back in, in the same condition, so the plaintiff does not have a financial loss.

An appeal bond is probably the surety bond most people hear about. Once the court makes their final ruling the defendant has the right to appeal the decision. However, that does not mean the plaintiff has to wait for the money judgement to be paid. With an appeal, or a stay bond, the bond is financial proof that the money will be paid should the appeal court make the same decision as the first course.

Defendant bonds are designed to protect the plaintiff against a loss and prove to the court that the defendant is working in good faith. Whenever reviewing a client’s case it may be beneficial to go ahead and plan ahead for these bonds so they do not miss the window of applicable time. For instance, once the court makes their ruling the appeal to stay the judgement bond should already be prepared to give it a better chance of being accepted.

Plaintiff Bond

Types of plaintiff bonds include garnishment, attachment, replevin, cost, indemnity to sheriff, injunction, distress or distraint, lis pendens, and lost instrument bond. All of these will not be required in one case. Reviewing the Jurisco site will breakdown what each of these surety bonds entail and what cost can be expected.

A garnishment bond is required by a plaintiff in order to protect the defendant against unlawful wage loss. These types of bonds are necessary when the plaintiff feels the defendant owes them money and that the only recourse available is to garnish the defendant’s wages. However, should the court ruled that the defendant does not owe the plaintiff money, or the amount that was garnished, that the plaintiff will financially compensate the defendant for their loss.

An indemnity to sheriff bond may be a surety bond that is not referenced frequently, but is actually very helpful especially to law enforcement agencies. When properties is taken by a sheriff’s department on behalf of a plaintiff they have to be financially covered in case the court rules this action was unnecessary or done with ill-will. To protect the agencies involved in this process the plaintiff has to put up a bond saying that the agency is not the party responsible for damage or a financial loss.

To know which plaintiff bond to use contact a member of Jurisco to discuss the case and plan out the appropriate course of action.

Other Types of Surety Bonds

There are other types of surety bonds that don’t always get played out in the court room. For instance, a guardianship bond and administrator bond are basically there to ensure those in charge of a person or an estate do their due diligence without neglect to their client.

A guardianship bond comes into play in the event that a young child loses his or her parents. The guardianship bond is the court’s way of protecting the minor against neglect whether it be in the matter of physical care or misuse of estate funds.

An administrator bond is usually employed when a deceased person has a will with assets to be distributed. To make sure all parties are treated fairly and that all debts are paid, an administrator must take out an administrator bond to financially cover his or her bases to prove they will work in good faith and due course.

Choosing The Right Surety Bond

Still having a hard time determining which surety bond is the right one for a client or circumstance? Let the team at Jurisco help. Our trained staff understands the ins and outs of all surety bonds and when they need to be employed. They will also help explain the cost associated with all the surety bonds, when they need to be filed, and how long they will last.

Trust the Surety Bond Experts

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