0
Collateral sometimes has to be put up for a bail bond in order to get the defendant out of jail. For instance, assuming the bail is set at $10,000, 10% of the total, the premium, has to be paid upfront in cash, which is not returnable; the remaining $9,000 would need to be presented to the bail bondsman in the form of collateral to ensure that if the defendant jumped bail, the bail bondsman would be guaranteed his money.
- TypesFunction
- Collateral would be accepted in the form of a credit card payment, vehicle titles, assets on paper, mortgage deeds or cars and other vehicles. The bail bondsman will hold all titles or charge the credit card, holding the cash until the defendant shows up in court. All collateral is returned once the defendant makes an appearance. Identification
- Collateral is required for some crimes or repeat offenders who may be a flight-risk and may not show up to court. Friends or family who are willing to place their valuables or homes as security will surrender titles to the bail bondsman as collateral. All collateral is returned providing the defendant goes to court on the dates specified and doesn't skip or jump bail. Time Frame
- The person putting up bond for the defendant is called the indemnitor. If the defendant chooses to skip or jump bail, she will lose the collateral she put up; she will, however, have time to produce the cash in return for the collateral items. Warning
- Should the defendant miss his scheduled court appearances, there is a 120-day waiting period to allow the defendant or his attorney to set another court date for the hearing. If that time period should lapse without a court date being set, all collateral would be forfeited by the indemnitor.
- Before the indemnitor signs any contracts or hands over any notes, cash or titles on the defendant's behalf, a thorough explanation is given by the bail bondsman as to how the collateral will be used and about the time constraints within the contract in order that she will fully understand what she is signing.
Wiki User
∙ 13y ago
Add your answer:
Earn +20 pts
Automobile as collateral for bail bond?
Based on the bail bond agent that you are working with, they may or may not accept your automobile as collateral. That is typically up to the individual agent. Determining factors typically will include the size of the bond, the condition and market value of the car, etc.
Is the person who hires a bail bondsman responsible for the whole bail amount if the defendant fails their obligation?
When a Bail Bond Company writes a bond, they are responsible for the bond amount if the defendant fails to appear. The indemnitor (person who gives collateral for the bond) is responsible to the extent that they will lose whatever they gave the bondsman for collateral if the bond is forfeited. That is why bond agencies try to find the defendant and bring him to jail before the bond forfeiture hearing, so they do not have to pay the courts the amount of the bond. Bond companies pay the courts in CASH regardless of what type of collateral was used for the bond.
Can you pay ten percent of bond to get out of jail if no detainer?
yes, ten percent and collateral that is worth the amount of the bail.
How can you get a bail bondsman to work with you if you don't have all the money needed?
You can get a bail bondsman to work with you if you don't have all the money needed by offering up collateral. Collateral such as a home or car can be used to make up the difference of the bond in most cases.
Can the indemnitor of a bail bond revoke the bail bond?
An indemnitor has no standing as fare as the bond is concerned. His main responsibility is to guarantee that the defendant will appear in court and if that individual does not appear the indemnitor will then become the primary guarantor for the face value of the bond. If the indemnitor wants to withdraw from such responsibility he could contact the bail agency and request to be removed as guarantor on the bond. The bail agency at that point can choose to revoke the bond since the indemnitor is no longer willing take responsibility. The indemnitor will have to pay the cost involved with surrendering the defendant. What you need to remember is that the indemnitor is like the collateral on the bond if such collateral doesn't exists then the bond agency has no choice but to revoke the bond. for more information on surety bail bonds go to http://www.bailbondslocal.com/What-Bail.php Thank you, Andrew Sterling Sterling Bail Bonds
What is a collateral bond?
"What is a collateral bond?"
Your husband has a 200000.00 bail bond no one will help what else can you do?
If no one is able to help with the bail bond, there are a few potential options. You could look into hiring a bail bondsman who can pay the bond for a fee. Alternatively, you could try to negotiate with the court for a lower bail amount or explore the possibility of a property bond if you have assets that can be used as collateral. Finally, you can seek legal advice from an attorney who may have other strategies or suggestions.
What types of bail bonds are there?
Collateral or cash bond (actual cash posted or pledged) -Surety or Bail bond where the bond is furnished by a third party who (usually for a fee) pledges their own assets to cover the cost - and,Property bond where assets (e.g.: property - business - vehicle - anything of value which can be converted to cash) is liened by the court for the defendant's release.
Money to guarantee appearance in court?
Bail bond Surety bond. Bail
If you miss a court date and a warrant is issued can you get your bond money back?
Most likely not, especially if you dealt with a bail bondsman. They don't have time for childish games.
What are some characteristics of a Collateral Bond?
A collateral bond is a type of bond that is secured by physical assets or property. These assets act as collateral and can be used to repay bondholders in case the issuer defaults on the bond. Collateral bonds typically offer lower risk for investors due to the added security of the collateral.
Secured bail bond?
A "secured" bail bond is one in which the ENTIRE cash amount of bail money was put up -or- the bail bond is secured in it's entire amount by the pledging of property of equal value.
