A Court Bonds in Florida may apply to the plaintiff or a defendant depending on the situation. Florida courts deem surety bonds necessary when the court proceedings could result in an unwarranted loss to either party. In Florida, Jurisco surety bond experts can help clients determine which type of court bond is applicable to their case. This blog discusses a few possible surety bonds required by the sunshine state. A stay (pending appeal) bond and counter replevin bond are two common defendant bonds. A cost bond and loss of instrument bond are plaintiff bonds.
A stay (pending appeal) bond is common for Florida defendant bonds. When the court rules in the plaintiff’s favor and files a judgment against the defendant, the defendant has a right to appeal. In order to delay paying the judgment until after the appeal process is completed, the Florida courts require a stay (pending appeal) bond that covers the cost of the judgment and, in some cases, court costs.
Another type of Court Bonds in Florida that helps delay a court action the defendant feels unnecessary is a counter replevin bond. A counter replevin bond is employed when a defendant wishes to regain possession of levied property. This surety bond is a counter for the plaintiff’s replevin bond. Defendants who feel the replevin bond was wrongly used often use this bond to help them avoid a further loss and inconvenience.
One surety bond people overlook is the cost bond. A plaintiff wishing to file suit in the state of Florida, but does not have residency in the state, must put up a cost bond. This court action is not required in every situation. Discussing the case with Jurisco will help you best determined whether a cost bond is warranted.
Banks and financial institutions may require a lost instrument bond to cover cashier’s checks, stock certificates, and mortgages should any of these instruments be lost or destroyed. For example, when a mortgage note is lost or destroyed the lender must replace it. However, this could lead to false filings if both the lost note and replacement note hold financial value. A lost instrument bond guarantees the cost and expenses of the mortgage note but does not allow the lost instrument to be redeemed, only replaced.
Jurisco is available to speak about court bonds in Florida should you have questions about stay (pending appeal) bonds or any other surety bond.