A Replevin Bond in Idaho is one of the most common types of surety bonds used by plaintiffs in court cases. Before moving forward in the bond process it’s important to know when replevin actions can be taken and why. Today, our surety bond blog discusses Replevin Bond in Idaho, their requirements, associated costs, and how to best obtain bonding with minimum delay.
Requirements Replevin Bond in Idaho
People in Boise, Meridian, Pocatello and Idaho Falls may hear replevin bonds referred to as sequestration or claim and delivery bonds. No matter what they are called, they all three do the same thing. When a plaintiff wishes to levy property before a court has issued a judgment in the case they must guarantee the levy isn’t wrongful. In order to satisfy this requirement, Idaho courts accept a replevin bond to protect the defendant from financial harm.
To properly levy property during a court proceeding, a replevin bond must be in place before any property is taken. Furthermore, the plaintiff may be required to coordinate with the local Sheriff’s Department to handle any repossession. Should the replevin be deemed wrongful, the surety bond fully protects the financial interest of the defendant.
Controlling Cost of Court Bond
One issue clients are always concerned with is the cost. There isn’t a “flat rate” for replevin bonds in Idaho. The value of the property being levied, severity of the action and even the credit of the plaintiff influence each bond amount. In some cases, the bond amount could be double the value of the property while in others it could be a percentage.
The court determines the bond amount to its discretion of what will fully protect the defendant. The reason a replevin bond is required by the court is to protect the defendant from wrongful replevy. This will cause fluctuations in cost, but doesn’t have to limit a client’s use of replevin.
Using A Bond Correctly
Often times it can be unclear as to what the state statute wants a client to achieve in terms of bonding. To minimize confusion and delay in receiving proper bonding it is imperative to work with a trusted surety bond company. We recommend doing some homework into different companies: what are their areas of expertise? Are they easy to communicate with? Are they knowledgeable about Idaho bond requirements?You can contact Jurisco to talk to a surety bond expert about replevin bonds or even as us what to look for in a surety bond company. We are here to answer your questions and make sure the replevin bond is written correctly and fully covers the defendant and the actions of the plaintiff.