The court with jurisdiction in a matter requires the plaintiff to purchase a specific type of plaintiff bond. They are often ordered when there is the potential for the defendant to suffer damages as a result of the case brought by the defendant if the plaintiff ultimately loses in court.
Plaintiff Bonds for Legal Actions
Plaintiffs need plaintiff bonds when a court requires financial assurance before granting a legal remedy. Surety Bonds Agent provides nationwide quote support with clear steps and professional service. Request a plaintiff bond quote online.
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What Are Plaintiff Bonds?
Plaintiff bonds fall within the broad category of court surety bonds, which are bonds that are court-ordered. There are several different types of plaintiff bonds, and each serves a different purpose in the world of civil litigation. However, they generally are intended to protect the defendant when the plaintiff seeks court approval for an action before a case has been adjudicated.
Here are the primary types of plaintiff bonds:
- Attachment bonds protect the defendant in an attachment proceeding. An attachment bond obligates the plaintiff to pay damages, court costs, and interest if the attachment is subsequently found to be unwarranted.
- Garnishment bonds similarly provide a way to compensate the defendant for damages, court costs, and legal fees if a plaintiff who has been granted the right to garnish the defendant’s salary, assets, or bank accounts ultimately loses in court.
- Replevin bonds are required when a plaintiff seeks to recover physical property in the defendant’s possession in advance of a ruling by the court in a civil matter. The replevin bond is the plaintiff’s guarantee to return the property, pay damages if it’s not returned in its original condition, and cover the defendant’s court costs and legal fees if the court rules for the defendant.
- Injunction bonds are ordered by a court when a plaintiff seeks an injunction requiring the defendant to refrain from a specific action while a legal case is pending. The injunction bond provides compensation for damages and costs the defendant sustains as a result of the injunction if the court finds in favor of the defendant and lifts the injunction.
Who Needs Them?
How Do They Work?
A plaintiff bond legally obligates the plaintiff, the bond’s “principal,” to make the defendant whole in the event that the court rules in favor of the defendant. Depending on the specific type of plaintiff bond, that can mean returning property or assets to the defendant, paying damages for any loss the defendant experienced as a result of the plaintiff’s court action, and covering the defendant’s court costs and legal fees. All such consequences are spelled out in the terms of the surety bond agreement.
In most cases, plaintiff bonds must be collateralized, typically in the form of an irrevocable letter of credit, which can easily be converted to cash. If the court rules against the plaintiff, the defendant has a legitimate claim on the plaintiff’s bond. If the plaintiff fails to pay that claim promptly, the surety will pay it using the collateral put up by the plaintiff.
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What Do They Cost?
The annual premium for a plaintiff bond is a small percentage of the required bond amount established by the court. Collateralization of the bond means the risk to the surety bond company is minimal, so the premium rate is typically 1% to 2%.
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