What are Replevin Surety Bonds?
Replevin Surety Bonds are often referred to as a Sequestration or Claim and Delivery Surety Bonds. They’re a form of financial security which can be used during a replevin or sequestration proceeding. The replevin, sequestration, or claim and delivery surety bond is typically required by the court and seeks to guarantee the payment of damages to the defendant if the replevin or sequestration proceeding was unjustified.
What does Replevin mean?
A action of Replevin occurs when one party wants to recover property from another party. The property in question is often said to be taken in an unlawful manner. The most common examples of replevin surety bond needs involve landlord/tenant disputes. Landlords often need replevin surety bonds when a tenant moves out of a building and attempts to take leasehold improvements. For example: A lessor installs furnishing and fixtures for the benefit of the tenant. The tenant then tries to remove those furnishings and fixtures upon the termination of the lease. Your attorney would file an action of replevin against the tenant in an effort to stop them from removing the lessor’s property.
How much do Replevin Surety Bonds cost?
Replevin Surety Bonds cost about 1-2% of the bond amount needed. The bond amounts vary but are typically twice the value of the replevin or sequestration proceeding. However, the actual amount needed is set by the court. The client’s net worth and merits of the case also help determine the premium amount.
How long does it take to get a Replevin Surety Bond?
In most cases, you will receive a bond quote the same day you apply for it. Factors such as bond size, merits of the case, and the availability of underwriting information all have an impact on timing. Once your bond is approved, we can send a copy of it to your email address and overnight the original bond for next day delivery. Some exceptions do apply such as the time we receive your application, payment, and any required documentation.
How do I apply for a replevin, sequestration, or claim and delivery surety bond?
- Complete our online replevin, sequestration, or claim and delivery surety bond application, or
- Download and complete our printable replevin, sequestration, or claim and delivery surety bond application, and
- Receive your surety bond quote in minutes!