Attachment Bond

An attachment bond (also known as a writ of attachment bond) is a type of surety bond that protects a party from financial loss due to the improper granting of a writ of attachment. It guarantees that the plaintiff, the party that asks the court for a writ of attachment, will pay all legal fees and costs and any other damages sustained by the defending party should the writ of attachment be deemed unnecessary by the court. 

What is a Writ of Attachment?

In debt collection, a writ of attachment is a court order for a sheriff to seize an asset of a defendant in order to satisfy a judgement that has been made against that defendant. It’s called a writ of attachment because the plaintiff who won the judgement “attaches” themselves to the asset/s of the defendant. 

This writ is often sought when there is a concern that the debtor might attempt to remove or hide assets to avoid payment. It provides a legal basis for the attachment of assets during the course of a lawsuit. When a court issues a writ of attachment, it may require the party seeking the attachment to obtain an attachment bond. This bond serves as a form of protection for the defendant, ensuring they are compensated for any damages incurred if the court later determines the attachment was wrongful. The bond provides a financial guarantee that the plaintiff will be held accountable for any losses suffered by the defendant due to the attachment. 

How Attachment Bonds Work

An attachment bond, in this context, serves as a financial guarantee to cover any damages the defendant may suffer if the court later determines the attachment was wrongful or improperly executed. 

When a writ of attachment is filed, an attachment bond may be required by the court. This surety bond becomes null if the court rules in favor of the plaintiff. If the court rules in favor of the defendant, essentially ruling that the asset was wrongfully taken, the attachment bond covers the financial loss due to the wrongfully filed writ of attachment. The plaintiff then has to return the property to the defendant. In some cases, the plaintiff may be required to pay the legal costs and fees. 

If something happens to the defendant’s property while it is in the plaintiff’s possession, a claim can be made against the attachment bond. If the claim is deemed valid, the plaintiff will be responsible for providing recompense to the defendant. 

Obtain an Attachment Bond in Minnesota

If you need a writ of attachment bond for your case in the state of Minnesota, contact the surety experts at The Patrick J. Thomas Agency today.