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Judge has ordered a $5000 surety bond what does this mean and how do I pay it?
Question : Judge has ordered a 00 surety bond what does this mean and how do I pay it?
In a wrongful possession/detainer case (dealing with real estate property; who is rightful owner) the judge ordered that I file a lawsuit within ten days and post a $ 5000 surety bond within a reasonable time period. What exactly does the bond mean?Will I get it back? Will I get kicked out of the property in dispute if I dont pay it, even though I have filed the lawsuit? Can I have a bailsbond man post the bond? And what is usually considered a reasonable time period to post said bond? Answers to any or all of the questions is greatly appreciated.
surety bond
Best answer:
Answer by maxhound
Call the
dog He will put up the bond
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#2 written by julie j 1 year ago
A surety bond means you have to come up with “sureters”, people who will put up their equity in their home or other accounts that are equal to cash. They put up their equity to the bail bonsman, who through an insurance co. puts up the $ 5000 to the court to ensure you show up for your court dates. If you don’t, the sureters lose the equity. At the end of your case, all the paperwork and/or cash will be returned.
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#3 written by MLaw 1 year ago
The $ 5,000 is to compensate the other party for tying up his property during the course of the litigation. If you win, you’ll get it back. If you lose the other party will seek its costs and damages from the bond. You can post bond by delivering a check for $ 5,000 to the Clerk of the Court. They should have a bond form for you sign. Or your lawyer should. Or, you can call a bond agency — in the yellow pages, which will post the bond & handle the paperwork for a fee, usually 10%. You will still have to secure the bond, with CD, mortgage, or the like. Suggest you hire a lawyer who will take care of everything.
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#4 written by crazy_flyboy1 1 year ago
Suretyship bonds originated hundreds of years ago as a mechanism through which trade over long distance could be encouraged. They are frequently used in the construction industry: in order to obtain a contract to build the project, the general contractor (and often the sub-contractors as well) must provide the owner a bond for its performance of the terms of the contract. Conversely, owners and contractors may also provide payment bonds to ensure that subcontractors and suppliers are paid for work done. Under the Miller Act, payment and performance bonds are required for general contractors on all U.S. federal government construction projects where the contract price exceeds $ 100,000.00.
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The court requires you to post the bond in case should you lose, the winner of the suit can file a claim for any costs and damages awarded by the court. Usually you can get this small bond through an insurance or surety agent (Not Bail Bondsman) who is familier with court bonds. Their are a number of agencies on the web, search under court bond.
You may have to post cash collateral with the surety company.