Your Guide to Plaintiff’s Attachment Bonds
What is an Attachment bond?
A plaintiff’s attachment bond is sometimes simply referred to as an attachment bond or a plaintiff bond. Attachments are used in court cases between a debtor (defendant) and a creditor (plaintiff).
When a debtor owes money, the creditor may ask the court sheriff to seize and withhold the debtor’s property to satisfy payment of a judgment or as security for a claim made against the defendant. A plaintiff may want to attach the property of the defendant if there is any belief the debtor will not pay the judgment. The attachment bond is a guarantee to the defendant damages will be paid if his or her property is found to be wrongfully taken.
Learn More about Plaintiff’s Attachment Bonds
Each plaintiff surety bond issued brings three entities together into a legally binding contract.
The principal is the creditor/plaintiff requesting the attachment of the property.
The obligee is the court requiring the bond as a way to ensure repayment if the defendant’s property was wrongfully taken.
The surety is the insurance underwriter issuing the bond, thus backing the principal.
How Much Does A Plaintiff’s Attachment Bond Cost?
Plaintiff’s-attachment bond premiums vary on a case-by-case basis. Typically the premium will range from 1-10% of the bond amount. The amount of the attachment bond will be determined by the court. The bond amount does, however, depend on the value of the defendant’s property during the pending claim.
Often times the bond amount must be double the estimated value of the attached property. If the court determines the property was wrongfully taken from the defendant, they will then determine the amount to be paid for damages. Work with the experts at SuretyBonds.com and get your plaintiff’s-attachment bond quote today!
Get Your Attachment Bond Fast!
To get a plaintiff’s-attachment bond, contact a surety bond expert at 1 (800) 308-4358 or apply online! A surety specialist will gladly guide you through the simple process. Once the premium has been payed, a copy of your bond will be issued via email. You will receive the original bond form in the mail according to your preferred shipping method. For those in a hurry, SuretyBonds.com offers overnight shipping at your request.
What Is The Fine Print?
There are a few things to know before getting your attachment bond:
In order to issue a plaintiff-attachment bond, applicants must provide court documents specifying the plaintiff, the defendant and the bond amount
Attachment bonds are unable to be issued if the court has already ruled in favor of the defendant
These court bonds cannot be canceled and will remain in effect until the judge releases it when the case is decided or the dispute is settled outside of court. These bonds are typically in force for one year.
Only certain types of property can be used as an attachment, so if the plaintiff oversteps restrictions, it can be found as wrongful.