What is a Supersedeas Bond?
A supersedeas bond is a type of surety bond that is used after an order or monetary judgment has been filed against a party. While the party who lost the initial case may make an appeal, they may have to acquire a supersedeas bond first as part of the appeal. Supersedeas bonds are required to ensure that the party can pay the judgement should they lose the appeal.
The amount set for a supersedeas bond is determined by various elements of the court case. Sometimes the court will require or dictate a specific bond amount, however other times the bond amount can be different than the amount of the judgment. It’s best to work with and experienced bond agent to determine the appropriate bond amount. the court and is dependent on the size of the monetary judgement that was filed.
Supersedeas Bonds are Necessary for the Appeals Process
While the rules of appealing a judgement are different on a state-to-state basis, appeals bonds like supersedeas are generally required to move through the process.
If a party wants protection that a judgment amount can still be paid to them after an appeal (if the decision is affirmed), requesting a supersedeas bond to help guarantee that payment is the best move. A supersedeas bond can also help a person delay the payment of a judgment while an appeal is underway, helping to prevent the enforcement of a court decision until the appeal has run its course, and a potentially more favorable decision of the court is found. While the appeal is being made, a supersedeas bond will stay the adverse party from collecting on the judgment. After the appeal it can also help them collect on the judgment in a faster manner than common collection actions.
Apply for a Supersedeas Bond
When a judgement is made, an appeal must be made quickly to stop the collection process. We are here to help you quickly obtain a supersedeas with our easy application.
For more information about applying for supersedeas bond in your state, contact the experienced professionals at the Patrick J. Thomas Agency.