Know Surety Bonds.com
Replevin Bond: A replevin bond is a bond required by the court for any party who is suing another party to secure possession of property that they believe they have a legal right to. A replevin bond guarantees that, upon a court's rendering, that if the taking of possession was done in error and caused the other party damage, the bond will pay up to the penal sum of the bond. The court complaint will dictate the amount of the bond. If not, the bond is usually set to an amount equal to 1.5 times the value of the property.
******** In submitting the initial request for bonding, the following information should be included to insure a quicker response.
1) A complete court bond application - Will provide a basic overall of the bond being requested, as well as information on the principal requesting the bond.
2) Copy of the court documentation/complaint - This court documentation/complaint will provide information as to the case and let the surety determine the strength of the principal's chance of prevailing in the case.
3) Bond requirement document - Court issued document that states the type of bond that is needed and in what amount. This is among the most important document as it verifies to the surety that the bond requested is indeed required and validates the amount.
4) Business Financial Statements: If the principal requesting the bond is a corporation, provide the most recent year business financial statements (balance sheet and income statement). In addition to the business financial statement, a personal financial statement of all the owners of the corporation should be provided as well.
5) Personal Financial Statement: If the principal(s) is an individual, provide a personal financial statement for the principal(s).
6) Current Bank Statements: If the corporation or individual's financial statement has a high declaration of short term/liquid assets (cash, stock and securities), current statements to verify these assets should also be provided.