Florida Replevin Surety Bond
AmeriPro Surety Bonds | 844-589-9732
AmeriPro Surety Bonds will work with clients and/or legal counsel to obtain a required court surety bond of any type, in Florida or nationwide.
Below, we explain in easy to understand terms, what a Florida replevin surety bond is, why it is required, its purpose, and, of course, how to get one.
Replevin is a pre-judgment order which allows a plaintiff in a court proceeding to:
- Attach the property or money of a defendant in a court proceeding;
- And to do so before a final judgment has been given in a case.
Florida Replevin Surety Bond: Purpose
Because the plaintiff is allowed by the Florida court to attach property of a defendant even before the case is completed, the court will require the plaintiff to obtain a Florida replevin surety bond.
The purpose of this surety bond is simple: If the attachment of the property (replevin) turns out to have been wrong at the conclusion of the case (that is, if the case is decided in favor of the defendant) the replevin surety bond ensures that the defendant will be fully compensated for the loss of the property which was attached.
This replevin surety bond is therefore, purchased by the plaintiff, to protect the rights of the defendant, should the defendant prevail at the conclusion of the court proceeding.
Florida Replevin Surety Bond: Amount Required
According to state Statutes, Chapter 78.068 the amount of the Florida replevin surety bond you, as plaintiff (or counsel for the plaintiff), will be required to purchase is:
- Twice the amount of the property attached;
- Or, twice the amount of the remaining balance you allege is owed;
- Whichever of the two amounts is less.
It will, however, be up to the court to determine the final amount required.
Important note: Our agency will require a copy of the court order which states the amount of bond you are required to purchase.
The Fl Replevin Surety Bond: Backed By Full Collateral
As an applicant for this surety bond, it must be noted that you are required to back the bond with full collateral of the bond amount required.
Collateral will typically take one of two forms:
- The first, as you might guess, is full cash collateral;
- The second is an irrevocable letter of credit (ILOC) from your banking institution.
An ILOC is irrevocable because:
- Once issued, it cannot be modified, accept by agreement of all parties;
It is a ”letter of credit” because:
It is a formal letter from your banking institution guaranteeing that a sum (credit) will be paid if required.
Real property is sometimes accepted as collateral, but this is potentially a far lengthier process to obtaining surety bond coverage.
The Replevin Surety Bond: Premium and Annual Premium Renewal
In addition to the cash collateral, there is the premium, a separate payment.
The premium is the price for purchasing the replevin bond. The amount is a small percentage of the replevin surety bond amount.
Of note is that the premium for a Florida replevin surety bond will renew annually for as long as the case is in court.
You may expect to pay the annual premium at least twice.
AmeriPro Surety Bonds is a surety bonds-only agency.
We have the backing and expertise to provide you with the required replevin bond you need.
The process for a Florida replevin surety bond will likely take several days before issuance, but our goal is to make this process as easy as possible for you.
We encourage you to call us now: