Replevin Bonds are required in Illinois when a plaintiff wishes to regain property before a final ruling in the case. Courts in Chicago, Rockford, Springfield and other Illinois cities mandate plaintiff’s secure a replevin bonds to prevent the defendant from suffering a financial loss. Let’s take a look at an example of when this surety bond comes into play.
A man in Aurora, Ill. Places an ad on craigslist to sell his 1967 Ford Mustang. Being a classic, the car does not take long to attract interest. Soon the man meets with a perspective buyer and strikes a deal to accept a money order and cash to satisfy payment. After watching the Mustang drive away, the man heads to the bank to deposit the payment only to hear the teller claim the money is counterfeit.
Our craigslist seller contacts the authorities and then files a suit against the buyer. In order to regain possession of the 1967 Ford Mustang he takes out a replevin bonds covering the value of the vehicle. Now the court can allow the return of the Mustang while the matter is discussed. Without the replevin bonds the Aurora man would have to wait until the final judgment before he could regain possession.
Now, what if the Illinois court rules against our duped salesman? Part of the replevin bonds is an assurance that the property will be returned if the ruling is not in the plaintiff’s favor.
Do you have a situation where you need to regain possession of property but don’t know what to do? Contact Jurisco, tell us the details and we can answer your questions.