Replevin is a court action that allows for property to be returned to its rightful owner pending the outcome of the decision made in court. In the simplest terms possible, it is a court action that determines the owner of a property. When replevin is used in court, the plaintiff who is seeking to have their property returned to them must generally (on court order) obtain a replevin bond. Replevin bonds are surety bonds that provide protection to the defendant of a case should the court determine that the defendant is actually entitled to the property.
What to Know When Obtaining a Replevin Bond
If you are seeking replevin in a court and are required to obtain a bond (which is a normal process in the state of Minnesota), there are several things that can help you speed the process along:
- Act quickly: bonds must be obtained before your case can move forward and your property be restored to you. The court may set a deadline for obtaining the bond. It’s important that you do not miss it.
- Gather as much information as possible: in order to expedite the underwriting and surety bond approval process, as necessary information pertaining to your case must be sent to the surety. They often ask for the initial court order for the bond or the writ of replevin.
- Only work with approved sureties: there are many sureties in the U.S., but not all of them are approved by the courts. These approved sureties are the safer option and are guaranteed to provide bonds that will be accepted by the court. Ask your surety agents which courts their bonds are accepted by.
- Credit checks: be prepared to provide all information required to perform a credit check, as the surety will most likely perform one.
The Court will Generally Set the Bond Amount
There is no set amount for replevin bonds and the cost for obtaining them can not only vary from state to state, but from case to case. The court will generally set an amount for the replevin bond, and you will be required to pay a percentage based on that number. Your personal credit can also change the cost of the bond.
Disclaimer: this is for informational purposes only and is not intended to be legal advice. If you need legal counsel, please contact an attorney directly.