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Writ of Attachment or Possession Surety Bond

Under certain circumstances, creditors may seize money or property directly from debtors if authorized to do so by the courts. However, they usually need a bond first.

What is a Writ of Attachment Surety Bond?

When courts do authorize a seizure, it's known as a Writ of Attachment or sometimes a Writ of Possession. Judges require plaintiffs (creditors) to obtain a bond to guarantee they will compensate the defendant (creditor) if the judge later rules against the Writ of Attachment. When that happens and the plaintiff refuses to return the money or property they seized before the trial, the defendant can file a claim against the bond. The plaintiff, the bonded party, must pay for all claims, meaning they cannot evade their obligation to pay back debtors. Courts require bonds to uphold justice and to prevent plaintiffs from filing frivolous writ of attachment requests.

How does a Writ of Attachment Surety Bond work?

It works to protect defendants from inappropriate property seizure and protect courts from hearing unnecessary arguments. When a judge rules against a plaintiff and that person refuses to return property to the defendant or recoup costs, that person has the right to file a claim against the bond. As long as the claim is true, the bond company guarantees payment even if the principal refuses. However, when the bond company does step in to pay, it has the right to collect that debt from the bonded party - the party with the ultimate responsibility to pay claims.

Who should get a Writ of Attachment Surety Bond?

Anyone told to do so by a judge as a precondition for filing a writ of attachment. Plaintiffs cannot proceed with seizing property or other assets without a bond in place, so contact Viking Bond Service as soon as you know you need a bond to get the process started immediately.

Who are the parties involved in a Writ of Attachment Surety Bond?

All bond agreements involve three participants:

• The Principal - The party that pays to obtain the bond and pays to settle claims - typically the plaintiff.
• The Obligee - The party with the right to file claims against the bond seeking compensation - typically the defendant.
• The Surety - The party that issues the bond and pays claims to the obligee on the principal's behalf. The surety acts like a line of credit the plaintiff can use to settle claims but must always pay back.

How much does a Writ of Attachment Surety Bond cost?

Judges decide how large the bond must be based on state-specific guidelines and the value of the property involved in the Writ of Attachment. Bond premiums are a small percentage of the bond's overall value, and the exact cost depends on the applicant's credit and financial history. Low credit scores translate into higher premiums, but they won't necessarily disqualify an applicant.

How are claims handled for Writ of Attachment Surety Bond?

The surety conducts an investigation, and if the claim holds up, the surety pays the claimant when the principal either can't or won't. Even though the debt to the obligee is settled at that point, the principal now has a debt to the surety equal to the cost of the claim plus interest and any fees associated with the investigation.

How to apply for a Writ of Attachment Surety Bond?

Before quoting you a price for the bond premium, the surety needs a completed bond application and a copy of the court order detailing the bond requirements, along with additional documentation as necessary.

Viking Bond Service - Excellence Across the Country

Working in all 50 states and issuing a wide range of bonds - court and otherwise - Viking Bond Service has all the resources you need to make this process easy. Get a quote in under 48 hours by submitting an online bond application. Or connect with one of our bond experts through the contact form on this page or by calling 888-278-7389.