A replevin bond is a common type of surety bond known as a court bond. More specifically as a plaintiff bond.
Seizing Property With A Surety Bond
When a plaintiff in a case wants to levy, gain possession of the property before a judgment they seek a writ of replevin. The replevin calls for the property to be taken out of possession of the defendant.
To protect the defendant against a wrongful replevin the courts in each state require a replevin bond. (Note: some states refer to this same bond as a sequestration bond or claim and delivery bond.) This surety bond essentially covers the value of the property should it be deemed that the action was unlawful.
Why Regaining Possession Matters
Not all legal matters concerning two parties and one piece of property are going to require a surety bond.
However, when either party has reason to believe that the property will be sold, destroyed, or otherwise wrongfully handled without their consent, they have grounds to take action with a writ of replevin.
A replevin bond also helps when a plaintiff is trying to make sure liened property isn’t unlawfully sold or transferred.
A Miami boat repair story is a good example of when a replevin is the best course of action. In 2015, a case finally reached some resolve after a boat repair company bill the insurance of a client for uncompleted work.
The boat owner used a writ of replevin to regain possession of his own boat after months of waiting for the boat to be returned. All the while the repair company charged the client storage fees.
After regaining possession, he was able to recover damages from both the repair company and insurance company.
Know All The Replevin Bond Facts
Understanding replevin bond state requirements is the best way to take replevin action. A surety bond expert at Jurisco discusses the need for a sequestration bond.
For instance, there are some situations that allow the court to waive the requirement for a plaintiff to secure a replevin bond. In Philadelphia, a plaintiff is seeking the return of 59 vehicles used as collateral. They wish to seize the property without a bond.
Courts can waive the requirement of a surety bond but only if they feel it is in the best interest of both parties.
Work with Jurisco and cover all the bases. Jurisco is a nationwide surety bond company and as such they are knowledgeable about all states and are able to provide low replevin bond rates. The surety bond application process can begin online right now.