In need of surety bonds in Indiana? This week we are covering claim and delivery surety bonds and why they are used by the state.
Surety bonds in Indiana may cover guardianship duties, injunctions, and stay a judgment during an appeal. Courts mandate surety bonds as a financial safeguard against plaintiff and defendant actions. One common Indiana plaintiff bond that is mandated for this reason is the claim and delivery bond Indiana.
A claim and delivery bond Indiana is a surety required for the plaintiff seeking to levy property before the court issues a judgment. Indiana courts may also refer to this as a Replevin or Sequestration bond. The property involved in claim and delivery cases cannot be “real” property, as in real estate, and the property must not be valued more than $7,500. Most situations involving a sequestration bond are with vehicles.
Claim and delivery bonds allow the defendant to collect damages in the event of a wrongful levy or if the property is damaged after being taken from the defendant. It will also guarantee the return of the property in the event the court rules in the defendant’s favor. Without this surety, the defendant is exposed to a financial loss. However, some defendants agree to write an exception waiving the surety bond. A court must approve this exception for it to take effect.
Requirements for a claim and delivery bond may differ depending on the jurisdiction. When a client requires a surety bond, Jurisco delivers the correct bond that meets local and state mandates. Without this benchmark, the bond can be denied by the court, which not only delays the process, but also creates more hurdles in the case. To discuss claim and delivery bonds further, you may want to email us or call one of the bonding experts at 1-800- 274-2663.