Replevin is the legal writ that allows seized goods to be restored to their owner, either as a final judgement or a provisional remedy. A replevin bond is a type of surety bond that protects the defendant in a court case, guaranteeing that the moving party will return the defendant’s property should the court determine that the defendant is actually entitled to the property.
The cost of a replevin bond is generally dependent on the value of the property being transferred and the financial standing of the party applying for the bond. The court will generally set the bond amount based on the information they have provided to them during the case.
How Does a Replevin Bond Impact My Case?
Since 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, bonds must be acquired before the plaintiff can take possession of the property prior to the hearing. This is because the bond essentially guarantees that, if the defendant wins the case, their property will be returned to them wholly and undamaged. Should the defendant never get their property back, or should it become significantly damaged, a claim can be made against the bond, providing financial recompense to the defendant.
Since the plaintiff is the one promising to return the property (given that the defendant wins the appeal), they are the party that is responsible for obtaining a replevin bond from a reputable surety. In order to gain control of the property in question, it is necessary to seek a replevin bond as soon as possible.
Keep in mind that Replevin can also be used by the defendant in a case, should they petition to obtain property held by the plaintiff in the case.
How to Obtain a Replevin Bond
The court will normally instruct a party to obtain a replevin bond, providing a bond amount and a date that the bond must be obtained by. It’s up to the party to take this information to a surety along with the Writ or Replevin and any other documents regarding the case. You may be required to share some other financial information with the surety for underwriting purposes.
This process can be complicated, and missing out on some requirements can result in a delay in the bond being issued by the surety. This can severely impact a case and prevent a party from taking possession of property, which can be a time-sensitive process. In order to quickly and securely obtain a replevin bond, it’s best to work with a surety agency that can not only help you navigate the process, but one that also has a good reputation with surety providers.
At The Patrick J. Thomas Agency, we work with attorneys and their clients to help them obtain the bonds they need for their cases quickly. Our surety experts can help ensure you have all the necessary paperwork submitted, giving you the best chance of having a bond approved and issued as quickly as possible. If you need assistance obtaining a replevin bond for your case, get in touch with our surety agents today.
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.