Release Attachment Bond
What is a release attachment bond?
When a plaintiff (creditor) obtains an attachment bond to legally seize the defendant’s (debtor’s) property or money, the defendant may counter this action with a release attachment bond. A release attachment bond allows a defendant to regain possession of their property or money, canceling the plaintiff’s attempt to attach it to the lawsuit.
Learn more about attachment bonds and how they work.
Get Your Release Attachment Bond:
Quick Takeaways
- A release attachment bond allows a defendant to regain possession of their assets, canceling the plaintiff’s attempt to attach it to the lawsuit.
- If you’re a defendant in a civil litigation case, and the plaintiff has already obtained an attachment bond to seize your property, you can block it with a release attachment bond.
- The cost of your bond will depend on the bond size required, which varies by state.
- These bonds can be high-risk, so your surety provider may require collateral upfront in addition to the bond premium.
How does a release attachment bond work?
Like other court bonds, a release attachment bond is a three-party agreement between a surety, an obligee, and a principal.
- Principal: The defendant is the party that must obtain the bond to block an attachment.
- Obligee: The plaintiff would be the obligee and beneficiary of the surety bond.
- Surety: The financial company that issues the bond and promises to back it financially in case of claims is the surety. After a claim is settled, the surety will seek reimbursement from the principal.
In a nutshell, a release attachment bond blocks an attachment bond. A release attachment bond guarantees the creditor/plaintiff will receive the money the debtor/defendant owes them, should the court rule in the plaintiff’s favor. Depending on which state you live in, the guarantee could work one of two ways:
- The release attachment bond ensures that the money or property in question will be available to settle the judgment if necessary.
- The bond ensures the creditor will receive the monetary equivalent of the property/money if they win the lawsuit.
Who should get a release attachment bond?
If you’re a defendant in a civil litigation case, and the plaintiff has already obtained an attachment bond to seize your property, you can block it with a release attachment bond. If you have the financial ability to pay the judgment and don’t want to lose your property or money, consider filing this bond.
Other Frequently Asked Questions
How much do release attachment bonds cost?
The cost of your bond will depend on the bond amount required, which varies by state. The amount also depends on how much money the creditor is trying to collect from the debtor.
If you have a good credit score, you could pay as low as 1% of the bond amount as your premium. These bonds can be high-risk, so your surety provider may also require collateral upfront.
How do surety bond claims work?
If someone files a claim against your surety bond, your surety will investigate to determine if the claim is valid or not. If it is, the surety may pay to settle the claim immediately. However, you must repay your surety in full, plus interest and fees.
Apply for Your Release Attachment Bond Today
Complete our simple attachment release bond application and then pay for and print your bond! If you have any questions or want us to walk you through the application process, call (888) 435-4191.
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.