What is a Replevin Bond?
A replevin bond is a type of surety bond that is required when a plaintiff or defendant (as known as the principal) contends that property in the possession of another is owned by the principal. The bond guarantees that the moving party will return the property to the defendant if the court determines the defendant is actually entitled to the property.
The Cost of Replevin Bonds
The cost of a replevin can vary based on a few different issues. The cost can change based on whether it is the defendant or plaintiff moving for the replevin. Another factor is the value of the property in questions, and a third depends on the financial standing of the party applying for the bond.
Seeking Replevin in Court
Replevin actions are generally designed to afford the petitioning party a relatively speedy process for obtaining either their property or a judgment by the court. When compared to other types of lawsuits, replevin can move at a much quicker pace. Because of this, a replevin bond is required to ensure that, should the property rightfully belong to the defendant, it is returned or the defendant is reimbursed.
In order to gain control of the property in questions, it is necessary to seek a replevin bond as soon as possible.
One of the documents that can be used in filing for a replevin action is a Writ of Replevin as well as any other legal documents the court requires. These files can include a replevin complaint or replevin order. In the event that the property is not recovered, the plaintiff can move for the court to order a replevin judgment as well.
Apply for a Replevin Bond
For more information about replevin or applying for replevin bond in your state, contact the experienced professionals at the Patrick J. Thomas Agency.