A home is for sale in Illinois and a potential buyer is ready to close the deal. What could go wrong? Well, let’s say a divorced couple is fighting for ownership of that property and only one party is selling the house. Now the deal does not seem as sweet. This type of situation where one party does something another party doesn’t believe is right (or even legal) occurs almost daily. When it reaches the point where the courts have to be involved, a plaintiff will file an injunction against a defendant to prevent them from doing the contested action.
Illinois courts mandate if a plaintiff asks for an injunction it must be in conjunction with the filing of an injunction bond. Injunction bond in Illinois to protect the defendant from a financial loss if the injunction is found to be unwarranted. Mandating surety bonds not only helps prevent an unnecessary financial loss but false injunctions. False injunctions could prevent the sale of the above-mentioned house resulting in a huge financial loss.
A surety bond covers the plaintiff’s responsibility of damages and losses to the defendant. Since those damages and losses are dependent on the case, the cost of an injunction bond will vary. The district the bond is filed in may also play a role. The presiding judge in Chicago may require a different cost for an injunction bond than a judge in Peoria depending on local statute. Other personal factors, including bad credit, may also affect the surety bond cost.
To discuss the cost of an Injunction Bond in Illinois, or any other surety bond, contact Jurisco. A bonding professional will answer any questions you have about the injunction process and bond mandates.