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Replevin bonds are plaintiff bonds used in replevin law suits. In a replevin lawsuit, the plaintiff is seeking the return of personal property that the suit claims as wrongfully taken or detained. The process of replevin temporarily returns the contested property to the plaintiff pending a final court determination.
A replevin bond guarantees that if the plaintiff loses the case, the defendant can seek restitution for any damages suffered due to the temporary return of the property to the plaintiff.
Plaintiffs who have filed a replevin lawsuit may be required to obtain a replevin surety bond as a condition of returning the property to the plaintiff until the judge has decided the case. The plaintiff may be an individual or a business entity.
As with all surety bonds, three parties are involved in this kind of bond. The plaintiff filing the replevin lawsuit is the principal. The court requires the bond to benefit the defendant as the obligee. The company underwriting and issuing the bond is the surety. Here is the sequence of events:
The court will determine the required amount of the bond based on the value of the disputed property. The bond amount may be as much as one and a half times the value of the property. The premium cost is determined by multiplying the total bond amount by the premium rate established by the surety company. The rate determination considers the plaintiff’s credit history and financial condition. It is generally in the range of 1%-2% for those with good credit.
The plaintiff typically must meet several other requirements to obtain a replevin bond, including:
Fill out our convenient online application today if you’ve been ordered to post a replevin bond. Our experts will gladly help you, with turnaround times of 24 hours or less.