Courts commonly require plaintiffs to obtain an attachment bond when they file suit requesting attachment of a debtor’s property. The court will establish the required bond amount (also known as the bond’s penal sum). This is the maximum amount that the plaintiff can be required to pay the defendant if the court rules against the plaintiff. It’s based on the value of the attached property.
Attachment Bonds for Court Claims
Plaintiffs seeking attachment before judgment need an attachment bond when the court requires protection for the opposing party. Surety Bonds Agent serves all 50 states with clear bond guidance. Apply today for an attachment bond quote.
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What Are Attachment Bonds?
Creditors who are owed money can file suit against a debtor. They can ask the court to seize certain property owned by the debtor to satisfy that debt. The most common examples of this involve attaching a debtor’s salary or bank account. The court order authorizing the attachment is known as a writ of attachment. A writ of attachment can be issued before the case has been resolved.
An attachment bond, sometimes referred to as a writ of attachment bond, is a type of court bond that provides financial protection for the debtor (the defendant). The bond guarantees the return of the attached property if the creditor (the plaintiff) loses in court. It also ensures that the plaintiff will compensate the defendant for any loss resulting from the unwarranted attachment of the defendant’s property and will pay the winning defendant’s court costs and legal fees.
Who Needs Them?
How Do they Work?
If a decision is rendered by a judge before an attachment bond expires, one of two things will happen:
- If the ruling is in favor of the plaintiff, the seized property is used to pay the debt owed to the plaintiff, and the bond is canceled.
- If the judge rules for the defendant, the plaintiff must return the property that was attached. The defendant can file a claim against the attachment bond to recover any damages resulting from the attachment.
When the defendant files a claim against an attachment bond, the surety bond company (the “surety” for short) will investigate the claim to make sure it’s valid before paying it on behalf of the plaintiff.
However, under the terms of the surety bond agreement (a legally binding contract), the plaintiff, not the surety, is legally obligated to pay the claim. Consequently, the plaintiff must repay the surety in full.
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What Do They Cost?
The premium for an attachment bond is a small percentage of the bond’s penal sum. It’s common for a court to require the penal sum of an attachment bond to be twice the value of the property to be attached. It’s also common for the surety to require the plaintiff to post collateral to secure the bond.
The surety’s main concern in setting the premium rate for an attachment bond is the risk of paying a claim on behalf of the plaintiff and waiting for reimbursement. Therefore, the key factors the underwriters will consider are the plaintiff’s credit score and financial strength. They will also consider the merits of the plaintiff’s case and the likelihood of a claim against the bond.
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