A defendant involved in a money judgment case may find themselves in need of a supersedeas bond. As with any court requirement, defendants want to make sure they have all their surety bond needs covered as not to accrue any additional charges from the court or any negative reputation.
So do you need a supersedeas bond? Let’s find out.
What is a supersedeas bond?
A supersedeas bond is a type of surety bond used by court systems when a defendant seeks to stay a money judgment during the appeal process. Without this surety bond, a defendant would need to pay the money judgment before the appeal was even heard. This can be very costly. That is why so many people rely on using a surety bond instead of paying out large sums of cash.
Does every state require a supersedeas bond for defendants?
Every state has some type of supersedeas bond. Depending on the state, the surety bond is known as a supersedeas bond or as an appeal bond. Both of the bonds do the same thing. The only difference is in the name.
How much does a supersedeas bond cost?
Let’s start with the value of the money judgment in question. Typically the starting supersedeas bond value is double the value of the money judgment. While this can be a very large number, the surety bond makes it where a client does not have to pay all of that money upfront. Instead, the defendant can use collateral and only have to pay a small percentage of that upfront to prove they can handle the cost. That is just one of the many benefits of using a supersedeas surety bond.
Working with a reputable surety bond company
To secure a supersedeas bond quickly and without any errors, always be sure to work with a reputable surety bond company. A surety bond company like Jurisco is a nationwide provider of surety bonds and has been since 1987.
Working with a lawyer-trained staff means clients save both time and money. The Jurisco team knows how quickly the bond needs to be secured. The court does not appreciate any delays and the Jurisco team is always going to deliver as fast as they can. Jurisco offers same-day and next-day service whenever possible.
Completing a supersedeas bond application online
Once you know that the supersedeas bond is what you need for the court case, it’s time to apply for a surety bond. There are ways to start a supersedeas bond application online to help make the process easier and faster.
Speak with a surety bond expert
Still have questions about a supersedeas bond in your state? Contact the surety bond experts at Jurisco with any questions you may have about surety bonds today.