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Replevin Bond

What Are Replevin Bonds?

replevin bond

A Replevin bond is a type of court/judicial surety bond. A court may require replevin bonds in cases when a plaintiff sues to recover property that he/she feels the defendant is holding illegally. In the event that the court orders the defendant to return the property to the defendant before issuing a final judgment on the case, they may require the plaintiff to take out a replevin surety bond as a condition of the returned property. The replevin bond’s purpose is to guarantee that the plaintiff will return the property to the defendant if the case is ruled in the defendant’s favor.

Replevin bonds involve three parties.

  • The principal is the plaintiff taking a replevin action, and guaranteeing that they will return the property to the defendant if the case is ultimately ruled in favor of the defendant.
  • The obligee is the beneficiary party who requires the bond. In this case, the court will require the bond to benefit the defendant.
  • The surety underwrites and issues the bond.

When Do I Need a Replevin Bond?

During a replevin action, the court may require the defendant to return the property under dispute to the plaintiff prior to judgment on the case. In order to recoup the property in the middle of an active case, the plaintiff may be required by the court to get a replevin surety bond.

Why Do I Need a Replevin Bond?

Courts require replevin bonds when temporarily awarding possession of property to a plaintiff during the course of a lawsuit in which the plaintiff claims ownership of property from the defendant. The replevin bond exists to guarantee that if the judge rules in favor of the defendant, who has been harmed by the temporary seizure of the property by the plaintiff, they can seek restitution.

Benefits for the Obligees:

In the event that the defendant incurred a loss due to the plaintiff claiming possession of property during a replevin suit, the defendant can make a claim on the replevin bond for damages. After awarding money to the defendant, the surety will then seek restitution from the plaintiff.

How Much Are Replevin Bonds Written for?

Replevin bond amounts vary case to case, and are based on the value of the property being disputed. The court will usually determine the bond amount requirement. In many cases replevin surety bonds are written for up to one and a half times the value of the property under dispute.

How Much Do Replevin Bonds Cost?

The cost of a replevin bond varies based on your financial information, such as credit, and financial statements. Usually the cost of a replevin bond is between 1% and 2% of the total bond amount, and the surety will require collateral equal to the value of the bond.

What Do You Need to Secure a Replevin Bond?

Requirements for replevin bonds vary. Below are some items that are commonly necessary to secure the surety bond:

  • The court bond application, which includes the scope of the bond, and information on the principal.
  • The requirement document that specifies the bond that the court requires.
  • Court documentation that details information on the case that the surety can use to estimate the principal’s chance of prevailing in the suit.
  • Financial statements: Personal financial statements in the case of an individual principal. Businesses need to produce business financial statements such as a balance sheet and income statement, as well as personal financial statements for each owner of the business.
  • Bank statements that verify assets outlined in personal/business financial statements.
  • Collateral: Usually 100% of the total bond amount

Requirements for replevin bonds vary. Contact us as Viking Bonds and we can help you understand what you need to secure your bond.

Other Types of Replevin Bonds:

Counter Replevin Bonds

Counter replevin bonds are replevin bonds taken out by the defendant, instead of the plaintiff, in order to hold on to property while the case is ongoing instead of surrendering it to the plaintiff. In this case, the defendant is the principal, while the plaintiff is the obligee. Counter replevin bonds carry similar costs and application processes to standard replevin bonds, and also require collateral equal to the full value of the bond amount.

Sequestration Bond

A sequestration bond works in a similar fashion to a standard replevin bond, with the added ability to empower a sheriff or marshal to seize property under dispute in order to prevent the defendant from selling it or sending the property outside of the court’s jurisdiction.

Get Your Replevin Bond Fast

Viking provides Replevin bonds nationwide. The bonding process is simple. Turnaround time is fast for quotes as well as the processing of your replevin bond.

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