Legal action always comes with a risk. Judges expect parties to do their part to diminish risks so that court proceedings can move along without wrongful action. Leaning on surety bonds is one way they make this demand on plaintiffs and defendants. A Massachusetts attachment bond is only one example of the vast array of court surety bonds. As with other court bonds, a Massachusetts attachment bond is used for a specific purpose and need.
An attachment bond is a type of surety bond used by a plaintiff in a court case where they are seeking to attach property. Attachment of property occurs when the creditor requests that property owned by the debtor be either sold to the benefit of the creditor or transferred to the creditor. As one can imagine, having ownership of a property transferred from one party to another, especially when it is disputed (i.e. debtor vs creditor), can become a volatile situation.
The state of Massachusetts found the solution to this problem through attachment bonds. A Massachusetts attachment bond covers the value of the property and debt so the defendant has a safety net should the attachment later be deemed wrongful. Without a Massachusetts attachment bond in place, it is unlikely that a court would accept the attachment motion. That in turn would leave the plaintiff with one less tool at their disposal which can be very limiting for a case. The lawyer-trained staff at Jurasico understand this point.
Attachment bonds aren’t the only type of surety bond used by the state. Massachusetts also requires surety bonds for businesses such as seller of travel bonds, mortgage broker bonds, executor bonds, and health club bonds. Additional types of court bonds include appeal bonds, garnishment bonds, transfer of lien bonds, and release of lis pendens bond.
Surety bonds are structured and designed to be cost effective for both the state, court, and end-user. Though a surety bond may be valued in the thousands or millions, the cost remains a low percentage. The Massachusetts surety bond experts at Jurisco always strive to deliver the lowest surety bond rate possible for attachment bonds and all other types of bonds required.
Need to start the surety bond process right away? Jurisco has an attachment bond application online when you’re ready. Have questions about applying? Jurisco is here to help. A surety bond expert can help you understand how a Massachusetts attachment bond works and why you’ll benefit. Contact Jurisco today or whenever you need a surety bond and let the professionals take care of everything you need.