A defendant benefits from using a supersedeas bond while seeking an appeal in Illinois. The only way to reap these rewards, however, is to know all the supersedeas bond Illinois requirements.
Supersedeas Surety Bond Basics
Court surety bonds are a great way to gain protection. Illinois courts readily accept surety bonds because bonds support both the defendant and the plaintiff.
A supersedeas bond is a type of appeal bond. When a defendant begins the appeal process they post a supersedeas bond to halt payment of the judgment. Courts will only allow this action if all supersedeas bond Illinois mandates are met.
The full amount of the bond must be covered. That amount is determined by the value of the judgment. Then the defendant must secure the bond within a certain timeframe. Talking to an Illinois surety bond expert will clear up these points.
Benefit Of A Bond
A supersedeas bond halts payment of a judgment until after the appeal. In large money judgments, this can make the difference on whether or not the appeal can go forward at all. If money is tied up in the judgment there may not be enough to mount an appeal.
This helps defendants seeking an appeal throughout Illinois including Chicago, Aurora, Rockford, Joliet, and Naperville.
Supersedeas Bond Illinois Court Enforcement
Defendants may use this type of surety bond themselves or they may be required by the court to post a supersedeas bond. Supersedeas bond Illinois mandate allows the court to call for the bond.
Generally, the court calls for a surety bond when there is a reason to believe the defendant does not intend to pay or is purposefully delaying payment. Moving funds around to avoid financial reporting is one way to make Illinois courts nervous. This is when a judge requires the defendant meet the supersedeas bond Illinois mandate.
The plaintiff has a right to their judgment as much as the defendant has a right to their appeal. The supersedeas bond Illinois court mandate protects the plaintiff’s ability to collect the judgment.
Keeping Surety Bond Rates Low
Knowing how Illinois judges handles surety bonds helps keep bond rates low. Surety bond experts at Jurisco are well versed in Illinois supersedeas bonds. Clients receive low surety bond rates based on these experts and the company’s nationwide reach in financing.
Working with a reputable surety bond company is always the best course to take when securing a bond. This path leads to a better bond and a lower surety bond rate.
Seeking an appeal? Take care of all the supersedeas bond Illinois requirements and reap the benefits by contacting Jurisco today.