A replevin bond is a type of court bond that comes into play in a legal recovery process called “replevin,” which is known in some states as “claim and delivery,” “sequestration, or “revendication.” The process allows a plaintiff in a civil matter to take possession of contested physical property from the defendant before there has been a ruling or even a hearing in the case. This is what happens when a bank or finance company repossesses a vehicle after too many payments are missed on a car loan.
The plaintiff applies to the court to have papers served on the defendant, and the property is seized by the sheriff or other agent authorized to deliver the property to the plaintiff. The plaintiff will retain the property pending a decision by the court as to which party is the rightful owner. In most cases, the plaintiff seeking possession of the property must first purchase a replevin bond.
A replevin bond is the plaintiff’s pledge to make the defendant whole if the court later rules in favor of the defendant and orders the return of the property that was seized. The bond guarantees that the plaintiff will return the property to the defendant and pay the defendant’s court fees and legal costs. It also guarantees the payment of damages to the defendant if the property is returned in anything other than the condition it was when the plaintiff took possession of it.