Florida Garnishment Bond
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Florida Garnishments and Court Orders
It is quite possible that you (or legal counsel) are reading this page as a result of a recent court order to obtain a Florida garnishment surety bond.
AmeriPro Surety Bonds explains to you what a garnishment bond is and its purpose; who it protects; and how to obtain one.
Just as importantly, we walk you through the process of filing your garnishment bond in a timely manner. Our goal is to make this process as easy and quick as possible for you.
The Florida Garnishment Bond: What It is and Its Purpose
As the plaintiff in a Florida court proceeding, you may have requested and been granted the right to seize a defendant’s assets, accounts, or money that you allege is owed, before a final judgment has been given in a case (a writ of garnishment).
This seizure is the garnishment of the defendant’s property, wages, bank accounts, etc.
However, bear in mind that the final judgment in the underlying case still has not been given.
The court, therefore, requires you to obtain a garnishment bond.
The garnishment bond is a surety bond purchased by the plaintiff (known in surety lingo as the “principal”) on behalf of the defendant to comply with a court order.
The Florida garnishment bond protects the interests and financial damages (or loss) caused to the defendant should it later be determined (at the court’s verdict) that the plaintiff’s lawsuit was improper or lacking merit.
The existence of the bond allows the defendant to recover any losses — and more— suffered as a consequence of the plaintiff’s action, which is subsequently determined to have been in error.
Florida Garnishment Bond: The Amount Required
According to Chapter 77.031 Garnishment, of the Florida Statutes, the amount of the garnishment bond you are required to purchase is:
- At least double the amount demanded by the plaintiff.
- An amount which includes all, court fees, costs, and attorney fees and damages that the defendant will have suffered as a result of the court proceeding (if the judgment favors the defendant).
The court, however, will tell you the exact amount required.
The Application Process for a Florida Garnishment Bond:
To obtain a Florida garnishment bond, our agency will need from you or your retained attorney a copy of the court order which states that amount of a garnishment bond you are required to purchase.
Obtaining a copy of the court order is crucial to the underwriting process.
A letter from legal counsel on attorney letterhead stating the amount of bond required is also acceptable.
As part of the application process you may also be requested to provide the following:
- Your assets, including investments in stocks, bond, certificates of deposits, etc., and where these are held, as also their market value;
- Any properties owned, including your home, land, whether in Florida or out state;
- List of life insurance policies and their value;
- Annual income from jobs and investments, and any additional income from other sources;
Additionally, there will be a credit check involved to determine the bond’s premium amount.
A Florida Garnishment Bond Requires Full Collateral
In addition to the above, a garnishment bond requires must be fully collateralized.
Collateralization of a Florida garnishment bond can take place in several ways:
- A common method is full cash collateral (or by cashier’s check) of the full amount of the garnishment bond;
- A second method is an irrevocable letter of credit from the banking institution where you conduct business for the bond’s full amount.
- A less common method may involve taking property as collateral, but this process may lengthen the time for obtaining bond coverage
Florida Garnishment Bond: Premium
In addition to the garnishment bond’s being backed by full collateral, is the premium.
The premium is the amount you will pay for the bond.
The premium will be determined by the amount of surety bond you required and may involve credit scoring as a factor.
Florida Garnishment Bond: Annual Renewal of Premium
Your premium amount is not a onetime payment.
The premium renews annually for as long as the case is active.
AmeriPro Surety Bonds:
AmeriPro Surety Bonds offers court bonds of all types throughout Florida.
As a surety bonds-only agency, we also offer license and permit, contractor, and fiduciary bonds nationwide.
We welcome the opportunity to work with either the principal or legal counsel to secure the required Florida garnishment surety bond.