Writs of Attachment & Possession Bonds
What are Writs of Attachment & Possession Bonds?
These types of bonds are commonly referred to as Temporary Restraining Order or Temporary Protective Order bonds. They are generally required as part of a Writ of Attachment order, which puts a levy on the defendant’s interest in real or personal property.
Per the court rule that the bond is filed under, these bonds indemnify the defendant for the return or damage of property if so ordered and any damages they recover against the plaintiff, if the plaintiff loses the case.
How to Apply for a Writ of Possession and Writ of Attachment Bond
When the bond is set by the court at a relatively low amount of $10,000, surety companies take this as an indication the plaintiff has a relatively strong case. As such, surety companies tend to write the $10,000 bonds fairly easily, and they primarily base their approval on the satisfactory credit of the applicant.
We would typically just need to obtain the following from the plaintiff:
- An Application
- Court Complaint
- Court Order outlining bond
- requirement
For bonds above $10,000, it becomes important for the surety companies to have a better understanding of the court case, and sureties will often times require financial statements from the applicant. If the applicant does not financial qualify for the bond, the surety may require collateral as a condition for approval.
When Collateral is Required
For those cases where the collateral is necessary, there are four options clients have, each a type of collateral they are permitted to post:
Cash
Cash
Marketable Securities
Marketable Securities
Bank Letters of Credit
Bank Letters of Credit
Real Estate
Real Estate
To read more about the precise details of each type of collateral that can be required, we strongly recommend visiting our Collateral Options Page
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