If there is a disagreement over the property and the issue is taken to court, a Replevin bond is often acquired if the plaintiff feels they deserve ownership of the property before the trial begins.
If you have found yourself in a situation regarding the property you feel you have every right to and may have been taken unlawfully, here is everything you need to know on replevin surety bonds and how they work in court.
Replevin Bonds are surety bonds that can work in both the plaintiff’s and defendant’s favor during trials over the disputed property, where one party alleges that the property was stolen, taken illegally, or withheld without consent.
A plaintiff may request ownership of the property in question before or during the trial. In this case, a judge may order the plaintiff to obtain a surety bond, which will hold the plaintiff accountable in the event the judge rules in favor of the defendant.
Just as in any other bond, there are three parties involved in this surety bond case: the principal, the obligee, and the surety.
The principal, in this case, is the replevin taking action. The obligee is the beneficiary who is requiring the bond, and the surety is the party who issues the bond.
In the event that the court rules in favor of the defendant, the surety will ensure the defendant is covered regarding restitution based on damages.
Case study:
After John and Mary Doe had filed for divorce, there was a disagreement in the property.
Mary left behind a vehicle she believed was hers, but her former husband is claiming that the car is his property.
Before the case went to court, Mary acquired a replevin surety bond that allowed her to obtain ownership of the vehicle before a verdict was reached in court.
If Mary was to lose the trial, her ex-husband will be able to call upon the replevin surety bond for damages.
How Much Does this Surety Bond Cost?
Replevin bonds, just like any other surety bond, will vary from state to state in regards to cost.
When purchasing a replevin surety bond, you will only need to pay for a portion of the bond for it to be secured.
If you are in need of this surety bond or any other type of court bond, do not hesitate to reach our experienced team at 800-333-7800.
Have a look at this Infographic!
“Replevin Bonds: How Do They Work?”
A Replevin Bond should not be confused with a Counter Replevin Bond. A Counter Replevin Bond is for Defendants (rather than Plaintiffs), that wish to take physical possession of disputed assets prior to going to trial.