Illinois Replevin Bond
AmeriPro Surety Bonds | 844-589-9732
Surety Bond; Purpose And Amount
An action of replevin, alternately referred to as a “writ of attachment” or sequestration, occurs when a Plaintiff, in a civil litigation proceeding, is permitted by the court to seize the disputed property of a Defendant prior to a final judgment being rendered in the underlying case.
A condition of the court granting the replevin action is that you as Plaintiff obtain a surety bond.
While required of the Plaintiff, the surety bond is a financial guarantee for the adverse party that in case the court subsequently determines that the action of replevin was wrongly issued, the Defendant may be compensated for the loss and harm caused as a result of the replevin action.
In Illinois, according to the state’s Code of Civil Procedure 735, Section 19-112, as amended, you are required to obtain a surety bond in double the amount of the value of the property which is being replevied.
Qualifying and the Premium
Our agency offers you the Illinois replevin bond in whatever amount that the court requires of you.
Applicants who require a surety bond up to and including a $50,000 requirement will automatically be approved.
Applicants who require a replevin surety bond greater than $50,000 will be approved after review of your application by a surety bond underwriter. This review will include a credit check inquiry.
Good credit will be required for approval for an amount greater than $50,000.
Regardless of the surety bond amount required of you (or, for legal counsel, your client), we’ll need the following:
- A copy of the court order or court minutes stating that a replevin surety bond is required;
- A completed and signed application. The application can be sent to you via DocuSign;
- Renewal and approval of your application, subject to the dollar amounts stated above;
- Payment of at least the first annual premium.
Once your replevin bond has been approved and the premium payment made, our agency issues your surety bond along with a Power of Attorney form to you.
We will sign your bond as Surety; you will sign it as Principal, filing it to the court along with the POA form.
Annual Renewal of the Premium
The premium for your Illinois replevin bond renews annually for as long as the court requires surety. The bond will renew on the anniversary of its issuance.
Premiums paid are earned in full even if your surety bond is exonerated within the term.
AmeriPro Surety Bonds is a surety bonds-only agency which provides license and permit, court, probate, and other surety bonds in Illinois and all 50 states.
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