A writ of attachment bond is a court-mandated surety bond which must be purchased by a plaintiff on behalf of a defendant. The bond guarantees that if in the judgment of the court the plaintiffs actions are subsequently determined to have been unwarranted, the defendant will be duly compensated for costs, fees, and interest for damages.
An attachment bond (also known as Writ of attachment bond) is a type of court bond that a court may require when the plaintiff, during a court proceeding, has attached monies or properties of the defendant.
The bond is required to ensure that any losses (i.e. court costs, interests, fees, etc.) for the defendant are properly compensated should the judgement be in the defendant's favor.
The attachment bond amount is determined by the court in whose jurisdiction the trial is taking place and is purchased by the plaintiff in the case.
The cost to purchase an attachment bond will be determined by:
Plaintiff's attachment bonds will also need to be fully collateralized. This can be done by cash (which is in addition to the premium). It can also be accomplished by an Irrevocable Letter of Credit; however the premium payment, of course, will still be required. The premium for this bond renews on an annual basis for as long as the case is active.
The attachment bond is not insurance that protects the plaintiff at all; rather, it is a guarantee to protect the properties and any monies of the defendant should the latter prevail in a court proceeding.
The three parties to an attachment bond are as follows:
The principal is the person who is required to purchase the attachment bond (in all likelihood this is YOU; or for attorneys, your client).
The obligee is the court who requires that the principal purchase the attachment bond on behalf of the defendant.
The surety is the financial institution who will issue the attachment bond purchased by the plaintiff on behalf of and as required by the obligee.
AmeriPro Surety Bonds will gladly work with you every step of the way to purchase your attachment surety bond.
AmerirPro Surety Bonds provides surety bonds in all 50 states. Contact us today by fill out our form or by calling us at 844-589-9732.
