What is a Writ of Attachment Surety Bond?
An Attachment Surety Bond is a form of financial security which can be used during an attachment proceeding. The court often requires attachment bonds in order to guarantee the costs and fees should the attachment be considered wrongful. The bonds are more commonly referred to as Writ of Attachment Surety Bonds.
What does Attachment mean?
An attachment is when a court of law decides that a possession of a debtor should be transferred to a creditor or to be sold for the benefit of a creditor. A common example of an attachment proceeding is when a restaurant owner owes money to a landlord for rent. The landlord can request that the court assign a specific asset of the restaurant, let’s say a pizza oven, to the landlord so the landlord can be reimbursed for monies due from the restaurant owner.
How much does a Writ of Attachment Surety Bond cost?
The cost of a Writ of Attachment Surety Bond will depend on the merits of the case and the financial condition of the creditor seeking the attachment. As mentioned above, the attachment bond is an insurance product which seeks to protect the debtor from wrongful attachment. Wrongful attachment can occur in many different scenarios but is most common when a creditor has no legal claim to the property of the debtor. The surety company may be on the hook for payment if the creditor cannot reimburse the debtor for the cost, fees, etc. defined by the particular surety bond form.
What Writ of Attachment Bond amount do I need?
The amount of your surety bond will be determine by the court. However, the bond amount needed is often twice the value of the items being attached. You will need to consult the court’s ruling or clerk of court as to the exact amount of bond needed.
What is the current market for an Attachment Surety Bond?
Attachment Surety Bonds are written by multiple surety companies. The bond amounts vary but are typically twice the value of the attachment. The client’s net worth and merits of the case determine the premium amount.
How do I apply for an Attachment Surety Bond?
- Complete our online Attachment Surety Bond application, or
- Download and complete our printable Attachment Surety Bond application, and
- Receive your surety bond quote in minutes!