A Replevin Surety Bond is a bond required by the court for any party who is suing another party to secure possession of property that they believe they have a legal right or claim to. A replevin bond may also be called a claims and delivery bond, detinue bond or a forthcoming bond depending on what the court requesting the bond has titled it. The term replevin is the process where goods or property that have been taken by another and are returned to the owner until a decision has been made as to who should have the property.
When A Surety Bond is Required:
When a replevin surety bond is required, the court will decide the amount of the bond which could be the value of the property plus court costs and any damages if the claim is considered damaging.
A replevin surety bond guarantees that if the taking of property was done in error and caused the other party damage, the bond will pay up to the full sum of the bond.
A replevin bond secured by the plantiff is to recover possession of the property in question.
A replevin bond secured by the defendant is to recover possession of the replevied property.
In either case, the bond is for the return of the property if ordered to do so to comply with a court order or judgement.
A replevin surety bond can be obtained from a surety agency such as SuretyGroup.com. The bond generally requires full collateral (cash or a letter of credit) for the full sum of the bond plus the premium. The premium will renew annually until the case is resolved.
How Much Will This Bond Cost?
The premium that you pay for a Replevin Surety Bond will vary depending on the bond amount required by the court.
Related Links:Read our blog, "Want Your Stuff Back? You Might Need a Replevin Bond"
More Surety Bond Questions?
Check out our FAQ page or What’s a Surety Bond? page. Should you need or choose to buy a surety bond, buy from us. SuretyGroup.com has been underwriting surety bonds throughout the U.S. for more than 35 years. When you work with us, you enjoy the unique benefit of dealing with a team of highly experienced surety agents with in-house underwriting authority. This allows you to receive competitive, low rates, quick approvals, and immediate bond delivery. In most cases, your bond will be delivered within 24 hours after you apply for it.
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