An Ohio sequestration bond is a type of court surety bond.
It is sometimes referred to as a writ of sequestration.
It is required in a civil proceeding (AmeriPro Surety Bonds does not work with criminal bonds) where a plaintiff has lawfully seized the property of a defendant.
The seizing of the property is done to ensure that the disputed property is not disposed of, sold, or hidden while the case makes its way through the court proceedings.
It is a pre-judgment act because it (the sequestration of the property) takes place before the final court verdict has been given.
The plaintiff in the court proceeding is required to purchase the surety bond in an amount determined by the Ohio court.
Let’s think of this.
When a property or good or service is in sequestration before a verdict is given in a case, the defendant suffers a loss of that item or good or service, at least for as long as the case winds its way through court proceedings.
If the final verdict is given in favor of the defendant and the property is returned, the defendant still has ‘lost’ in the sense that they may have suffered from the lack of the use of the property (i.e. money, interest, goods) ---only to be discovered that the property should have never been taken from the defendant at all.
The sequestration bond allows the defendant to reclaim the loss suffered from the bond purchased by the plaintiff, since it was decided that the defendant should have never had the property removed from their possession and use.
So although the bond is required of and purchased by the plaintiff, its sole benefit is for the defendant should the defendant prevail in the court proceeding.
The amount of the Ohio sequestration bond will be determined by means of a court order.
Our agency will need a copy of that court order to facilitate the underwriting of the sequestration bond.
The premium amount for an Ohio sequestration bond is usually about 1% of the bond’s amount; however, that is a general rule and may vary depending on your particular circumstance.
Another thing to note about the premium:
The premium for your sequestration bond will renew annually for as long as the bond is in force.
There is more required for your Ohio sequestration bond --- an application for one thing, but that is something we will discuss in detail over the phone --- but this is an overview of what a sequestration bond is and why it is required.
AmeriPro Surety Bonds is a surety bonds-only agency. We provide license and permit, court, contractor, and fiduciary bonds in Ohio and all 50 states.
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