Learn more about plaintiff bonds, and apply today. Absolute Surety offers surety bonds nationwide through a convenient online application system.
What Are Plaintiff Bonds?
A plaintiff bond is a type of court bond required in civil cases, particularly when the plaintiff resides in a different state. In many cases, a plaintiff can obtain a surety bond that allows them to take possession of disputed property, money, or goods before the case is decided by the court.
The bond guarantees that the plaintiff will pay any court-ordered damages, court costs, and legal fees in the event that the judge rules in the defendant’s favor. There are several types of plaintiff bonds, such as attachment bonds and replevin bonds, depending on the specific details of the situation.
Who Needs Them?
The court will inform a plaintiff of any bond requirements at the time the case is filed. In general, plaintiff bonds of one sort or another may be required when there is the outcome of a case may involve the return of property or payment of a monetary damage award from the plaintiff to the defendant. They may also be required when the outcome of a case could require payment of court costs by a plaintiff. In most instances, an out-of-state plaintiff will, at a minimum, be required to post a bond guaranteeing the payment of court costs.
How Do They Work?
The exact basis for a claim against a plaintiff bond differs depending on the specifics of the case and the type of plaintiff bond. When a plaintiff bond is required, the court will tell the plaintiff how much money must be available to pay damages, court costs, and legal fees if the defendant prevails. That is the required bond amount.
If the defendant wins the case, the court will issue an order specifying the damages to be paid to the defendant. The surety company will pay the court ordered amount to the defendant, and the plaintiff is then obligated to reimburse the surety company.
What Do They Cost?
The cost of the bond depends on two factors: the bond amount established by the court and the premium rate the surety company assigns to the applicant.
The surety company is taking a calculated risk that the plaintiff will win the case or, if the defendant wins, that the plaintiff will be able to repay the amount that the surety company pays out to the defendant. Consequently, a plaintiff applying for a plaintiff bond typically must submit a copy of the civil complaint along with the application.
The surety company will examine the civil complaint and assess the plaintiff’s personal credit score and financial condition in order to assign an appropriate bond premium rate. Plaintiffs who have a high credit score and sufficient financial strength will pay a premium rate of as little as 1% of the bond amount. Plaintiffs with poor credit may be able to get bonded but will likely pay a higher premium rate.
Use our convenient online system to apply for a plaintiff bond today.
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Phil Bell, So Cal Performance