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Replevin Bond
WHAT IS A REPLEVIN BOND?
A replevin action, replevin order, or writ of replevin, signifies the recovery by a person of goods unlawfully taken out of his or her possession, by means of a special form of legal process. It can be defined as a civil court action that is taken to determine the rightful owner of personal property.
The word replevin is an Anglo-French law term that is derived from the noun form of the verb "replevy.” A replevin is used when the party that has the right to the property is unable to take custody of the collateral either because self-help repossession is not available or the debtor is refusing to give up the property. Replevins are used in places where a finance company cannot lawfully repossess the vehicle through self-help, so the lien holder must go to court to obtain a replevin order. They can also be used if the debtor is hiding the collateral or keeping it locked up. The finance company will often obtain a writ of replevin in order to force the debtor to comply with their attempts to take custody of the property. Replevins can be an extremely powerful tool when someone is wrongfully holding onto to collateral that a lien holder has the legal right to.
A replevin bond is court surety bond that is required by the civil court when any party is suing another party for property that they believe is being held illegally. In these cases, the plaintiff would be the one responsible for obtaining the replevin’s bond. During a replevin action, the court temporarily awards possession of the property to the plaintiff during the lawsuit in which the plaintiff claims ownership of the property from the defendant. The plaintiff must then obtain a replevin bond, which guarantees that the plaintiff will return the property to the defendant if the case is ruled in the defendant’s favor. In the event the plaintiff loses the case and does not return the property in its original condition or doesn’t return it at all, a claim can then be filed in the full bond amount, which the surety must then pay if the plaintiff doesn’t. The replevin bond could pay up to the penal sum of the bond if the taking of the property was done in error, or caused the defendant loss or damage. The court bond also guarantees that the defendant will be able to collect their fair amount of damages for the destruction of the property.
This bond can also be referred to as a Sequestration Bond or a Claim and Delivery Bond.
A replevin bond is required by the civil court of the plaintiff in order to gain possession of property they believe the defendant is holding illegally. As the plaintiff, custody of the property will be granted during the case and you would need to obtain a replevin bond as a guarantee that in the event you lose the case, the other party is guaranteed protection. If the case ends with the judge ruling in favor of the defendant, they can seek restitution for any harm that has been done during the duration of the temporary seizure of the property by the plaintiff.
After obtaining a replevin bond, it will stay in effect until a decision has been made and it is released by the court. The surety company will charge an annual renewal premium as long as the bond is outstanding and hasn’t been released by the court. So, it’s best to get it released as soon as possible in order to avoid additional bond premium costs.
Simply fill out the simple bond application and provide the court documents to us. Our surety experts at The ProSure Group will provide a very quick turnaround on this important and typically very urgent bond need.
Additionally, to make the process even easier we will establish a bonding line of credit for those financial firms that may require numerous replevin bonds during the year. Just ask us!
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