In property disputes, it sometimes becomes necessary for law enforcement to seize property from a defendant on behalf of a plaintiff. Before that seizure can proceed, however, the plaintiff usually needs to obtain a sheriff's indemnity bond.
Also known as Sheriff's bond, these bonds help protect law enforcement in the process of seizing property. In the event that officials damage the property being seized or other property in the vicinity (like a locked door) and the defendant tries to sue them, those officials may file a claim against the bond seeking compensation for associated legal costs. Similarly, if the officials are not paid by the plaintiff, the officials may file a claim seeking compensation.
If someone pursues legal action against law enforcement officials following a property seizure, it's the plaintiff's responsibility to pay for it. In the event that they don't pay, the officials may file a claim against the bond seeking compensation for their expenses. Similarly, they can file a claim seeking unpaid wages or expenses.
The courts determine if and when plaintiff's need to obtain a sheriff's bond before moving forward with a property seizure. These bonds are common, and they are almost universal in seizures involving valuable or sensitive property. Seizure can't move forward without a bond, so if the judge requires one, don't delay.
You are one of three parties:
The judge authorizing the property seizure decides how large the attendant bond must be. The total value of the bond refers to the amount the surety agrees to pay out in claims. However, the cost is just a fraction of the total, often around 5%. Costs depend on the applicant's credit score and history. To get a better sense of costs, request a quote at any time.
After receiving a claim, the surety company investigates its merits. Principals must pay for any valid claims, but if they are unable or unwilling, the surety steps in to pay up to the bond total. Even though the claim is settled at this point, the principal must still repay the surety, along with interest, costs, and fees.
It's easy when you apply through Viking Bond Service. Simply submit your bond application along with a copy of the court order for the bond. You may also need to supply a financial statement and other information requested by the underwriters. You will receive a quote in under 48 hours, and once you pay for the premium, the bond goes into effect and the seizure can proceed.
What do you need from a surety company? Service, speed, and savings. Find all three by working with Viking Bond Service, a nationwide provider of sheriff's indemnity bonds. For more information, complete the form on this page or call us at 888-278-7389.
Viking writes BMC-84 FMCSA Freight Broker Bonds nationwide. We keep the bonding process simple. Fast quotes. Good and bad credit accepted.
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Performance Bond processing is typically more involved than Commercial but they still work basically the same. Learn about how Performance Bonds work.