Attachment Bond Guide
When a writ of attachment is ordered, plaintiffs may need a file an attachment bond for financial accountability. Learn how the bonding process works in this guide.
Bond Overview
- Purpose: To ensure defendants are repaid if their property is wrongfully taken
- Who Needs It: Plaintiffs in lawsuits in which property is attached to pay a debt
- Required Amount: Often set at 2x the value of the attached property
- Premium Rates: A small percentage of the bond amount, credit-based
What Is a Plaintiff's Attachment Bond?
A plaintiff’s attachment surety bond is a contract guaranteeing damages will be paid if a defendant’s property is wrongfully taken in a court case. These bonds are also referred to as attachment bonds or plaintiff’s bonds.
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What Is the Process of Attachment?
Attachments are used in court cases between a debtor (defendant) and a creditor (plaintiff). The process of attachment refers to the court seizing property in anticipation of a favorable ruling for a plaintiff claiming to be owed money by the defendant.
If the court determines the property was wrongfully taken from the defendant, they will then determine the amount to be paid for damages.
How Much Does an Attachment Bond Cost?
Attachment bond premium prices typically range between 1% and 10% of the bond amount. The court determines the exact amount using the value of the defendant’s property for the pending claim. Oftentimes the bond amount is double the estimated value of the attached property.
To determine your expected attachment bond cost, fill out our online quote request form now.
How Does an Attachment Bond Work?
Plaintiff’s attachment bonds work by bringing three parties into a legally binding contract:
- Principal: The creditor/plaintiff requesting the attachment of the property
- Obligee: The court requiring the bond to ensure repayment if the debtor/defendant’s property is wrongfully taken
- Surety: The insurance provider issuing the bond and backing the plaintiff
Attachment Bonding Requirements to Know
There are a few things to know before requesting an attachment bond:
- You must provide court documents specifying the plaintiff, the defendant and the bond amount to the surety provider.
- If the court has already ruled in favor of the defendant, you cannot file an attachment bond.
- Bonds are non-cancellable and remain in effect until the judge officially releases them.
- Only certain types of property can be used as an attachment.
Get Your Attachment Bond Fast
The process of getting your plaintiff’s bond is easy with SuretyBonds.com, simply:
- Fill out our quick online quote application
- Pay your premium and select your shipping method
- Receive and file the original bond form with the obligee
If you need your bond immediately, select overnight shipping at checkout. Don’t hesitate to call our friendly customer care team with any questions!
