Attachment Bond (Writ of Attachment Bond)
What is an attachment bond?
An attachment bond is a type of court bond that a plaintiff must obtain as financial protection for the defendant in a civil court case. Attachment bonds are required when a debtor owes a creditor money and the creditor requests to seize (“attach”) the debtor’s property to compensate for the loss. The creditor, in this case, would be the plaintiff seeking attachment, and the debtor would be the defendant.
An attachment bond provides coverage for the defendant if the plaintiff seizes their property unjustly. Courts often require this bond before issuing an attachment. This bond is often called a “writ of attachment bond” or “plaintiff bond.”
Get Your Attachment Bond:
Quick Takeaways
- Attachment bonds are required when a debtor owes a creditor money and the creditor requests to seize (“attach”) the debtor’s property to compensate for the loss.
- The court will notify you if you need an attachment bond.
- If the property is wrongfully seized, the surety bond provides coverage for the defendant in the case.
- Your bond will likely remain in force for one year from the date of issuance.
Who needs an attachment bond?
The court will notify you if you need an attachment bond. If you’re a creditor seeking an attachment, you will likely need this bond. It’s essential to contact a trusted surety provider like ZipBonds immediately so that an attachment can proceed.
How does a writ of attachment bond work?
A writ of attachment bond is a three-party agreement involving an obligee, a principal, and a surety.
- Obligee: The court requiring the bond before granting an attachment
- Principal: The creditor (plaintiff) seeking an attachment
- Surety: The financial company that issues the bond and backs it financially in case of claims (then holds the principal accountable for full repayment)
A creditor may be required to purchase an attachment bond before the court grants them an attachment to seize property equal in value to the debt owed. An attachment may be necessary if the courts suspect a debtor won’t settle their debt.
If the property is wrongfully seized, the surety bond provides coverage for the defendant in the case. The defendant may file a claim on the plaintiff’s bond to compensate for any losses they face. This may include legal expenses, money for their lost property, and other related damages.
The plaintiff will be fully responsible for paying out the claim. Therefore, the bond helps discourage illegal and unethical actions on their part.
Frequently Asked Questions
How much does a plaintiff’s attachment bond cost?
The bondholder will pay a small percentage of the bond’s total value as their premium. The court will set your bond requirement based on the value of the property you want to seize.
In general, the better your credit score is, the lower your premium will cost. You may also be required to put up collateral equal to part or all of the bond’s value.
Attachment Bonding Requirements
Prepare to share the following items with your surety provider to get your bond as quickly as possible – before the court rules in favor of the defendant.
- Your court order requesting the bond and specifying the plaintiff and defendant in the case
- Basic personal and financial information
- Financial statements
- Collateral (cash or property), if necessary
Your bond will likely remain in force for one year from the date it’s issued to you. You could pay anywhere from 1-10% of the bond amount as your premium.
Apply for an Attachment Surety Bond Today
Complete our simple attachment bond application online or over the phone by calling 888-435-4191. We’ll ask for a copy of your court order or judgment, financial documents, and a credit release form. Once we’ve received and approved your application, you can pay your premium and print your bond!
About ZipBonds.com
Founders Ryan Swalve and Zach Mefferd formed the vision for ZipBonds.com when they realized how overly complicated it was to help clients place surety. The frustration of being unable to incorporate the technology they’d used in other insurance-focused projects left them thinking “there has to be a better way.”
Fast forward a couple of years, and that better way is the impetus of everything we do at ZipBonds. We constantly look for innovative ways to improve the bonding process for our clients and agents. Our team comprises individuals who understand all angles of surety – for companies, agencies, and individuals. Incorporating everyone’s point of view to improve the process while simultaneously integrating cutting-edge technology is what sets our business apart.