Minnesota Replevin Bond
AmeriPro Surety Bonds | 844-589-9732
Replevin Action; Surety Bond Amount and Purpose
An action of replevin occurs in a civil litigation proceeding wherein the court allows the Plaintiff to take possession of (to seize) the disputed property of the Defendant, prior to the final underlying court judgment.
As a condition of obtaining an action of replevin, the Plaintiff is required to obtain a surety bond.
According to Minnesota Statutes 565.25, as amended, the amount of surety is between 1 ¼ to 1 ½ the fair market value of the property, or 1 ½ times the value of your claim, whichever amount is less.
The court will ultimately provide you with the exact bond amount required.
But, why is a surety bond required at all?
Surety is required for the benefit of the Defendant in case the court later determines that the replevin bond was wrongly issued. In such a determination, the loss and harm caused to the Defendant can be compensated by means of the surety bond.
Qualifying and the Premium
Our agency approves you for the Minnesota replevin bond in the following ways:
- Up to a $50,000 surety bond requirement, our agency provides you with the Minnesota replevin bond without a credit check inquiry;
- For a replevin bond greater than $50,000, your surety bond application is reviewed by an underwriter. The review procedures include a credit inquiry and providing us with any additional information requested, if applicable. Good credit is required for approval for amounts greater than $50,000.
For all replevin surety bond requests, our agency will need the following:
- A copy of the court order or minutes stating that a replevin bond is required. This order/minutes will provide us with all of the details needed to be included on your surety bond;
- A signed and completed surety bond application. Our agency can send this application to you via DocuSign;
- Review or approval of your application subject to, in part, the information on the bond amounts discussed above;
- Upon approval of your surety bond, payment of the first annual premium.
Issuance of Your Bond
After payment of the premium has been received, our agency issues your bond to you immediately. We will sign your bond as Surety; you will sign and then file your bond with the presiding court.
Annual Renewal of the Premium
The premium for the MN replevin surety bond renews annually on the anniversary of your bond’s issuance for as long as the court requires surety.
Premium paid are earned in full.
AmeriPro Surety Bonds is a surety bonds-only agency which provides license and permit, court, probate, and other surety bonds in Minnesota and all 50 states.
Please call our agency today at:
Or, you may fill out the form below and a Surety Agent will contact you…