There is a large amount of confusion associated with the different types of federal bonds that exist. To help clear up some of these issues, the following provides a brief overview on one of the bonds that is used under federal circumstances. The appearance bond is also known as the affidavit of surety.
An appearance bond uses real estate as collateral to ensure the guarantee of the bond. The judge or magistrate will determine which property can be used and the amount of bail that is needed. The property must have at least the bail amount in equity in order to serve its purpose. Equity is determined by subtracting any outstanding liens or money owed against a property from the current market value. The courts are fairly specific about how these bonds can be prepared. Appraisal, title reports, and additional documents are required. It is highly recommended that individuals should work with an expert for help with these types of bonds because they generally will not know much about the process on their own. Getting court approval is not easy and defendants may be held longer if the bonds have been done incorrectly.
For more information about this type of bond, it is highly recommended to get in contact with a local professional. They will be able to explain how the appearance bond may relate to your personal situation and different ways that it can be handled within court. They will also be able to provide you with more insight into the documents needed for the overall process.
Understanding Bail Bonds
A bail bond, also known as a surety bond, is defined as a “formal, legally enforceable contract between a first party (the principal or obligor), a second party (the customer or obligee), and a third party (the surety, such as a bank, bonding company, or insurance company) whereby the surety guarantees payment of a specified maximum sum, or to otherwise compensate (indemnify), the obligee against damage or loss caused by the actions (or a failure to perform) of the obligor)." Bail bonds guarantee that the defendant will appear in court every time that he or she is ordered to do so based on requests by the court.
If the defendant doesn’t attend court as requested, then the bond will be forfeited and the defendant will be issued an arrest warrant. The statutes for this vary from state to state, although in most cases the defendant will be subject to apprehension and arrest. The cost for bail bonds tend to vary from state to state and may be based on statutory rates or rates that have been filed by the insurance company that has underwritten the bond. Depending on the defendant’s criminal history (if any), collateral may be needed. A collateral receipt should be provided when the bond is written. The return of the collateral is based on statutes in most states; it should be held in trust for the party that is arranging the bail.