Counter Replevin Bonds
The Counter Replevin Bond, also known as a Writ of Replevin, is a type of court bond for defendants which allows them to keep or take possession of property (until a court decision is made) when a Replevin Bond for repossession is filed by the plaintiff. With Jet Insurance Company the Counter Replevin Bond gives the court a guarantee the defendant will surrender property to the plaintiff upon losing a case, thus allowing the defendant to retain possession.
Jet’s online Counter Replevin Bond process allows for our customers to get the bond efficiently with no middlemen slowing down the bonding process.
How Much Does a Counter Replevin Bond Cost?
Counter Replevin Bonds have varying bond limits, determined by the court, set around one and a half times the value of property under consideration. Typically, these bond premiums cost one percent of the bond limit and require full collateral to be held by Jet. A defendant can provide an irrevocable letter of credit from a bank or a cashier's check in the full bond amount to Jet.
Since Jet is a direct surety company, we provide Counter Replevin Bonds efficiently without involving middlemen brokers and agents who charge additional broker fees to “shop” your bond.
How Does Jet’s Application Process Work?
Applying for the bond is simple with Jet. Information needed for Counter Replevin Bonds includes a completed application, the court-ordered bond requirement, and payment. Our online process goes through needed information step-by-step to make sure nothing is missed. Upon Jet’s initial review further information may be needed, and we will reach out to you quickly.
How Are Counter Replevin Bonds Filed to the Court?
Counter Replevin Bonds are to be filed to the civil court where the property is in question. Each court has different filing procedures, but Jet will mail the original signed and sealed surety bond to the appropriate court free of charge. Bonds that need to be mailed or handed in by the defendant can be sent directly to the defendant or their attorney. Contact the proper county court if there is a question as to how or where the bond should be filed.
Can Counter Replevin Bonds Be Cancelled?
In short, no; Counter Replevin Bonds are to be in place until the court has reached a verdict and therefore releases the defendant and Jet of liability. Cancellation cannot be requested by the defendant, but the Jet can request cancellation with the court for nonpayment to renew the bond after a year. A highly unlikely scenario should the court proceedings go over one year and Jet needs to collect additional premium for another term.
What Happens at the End of the Civil Trial When Replevin Bonds are in Play?
Court cases can end a few different ways. Here are the typical scenarios:
Plaintiff Wins, Had Possession
A Replevin Bond was filed giving the plaintiff possession of the property, and the court grants them the right to retain possession. Jet returns collateral collected to the plaintiff.
Plaintiff Wins, Did Not Have Possession
If a Counter Replevin Bond was filed and the defendant took back possession, the defendant must return the property to the plaintiff. Not returning the property, any delay in returning the property, or in cases where the property has been damaged while in the defendant’s possession, entitles the plaintiff to file a claim on the Counter Replevin Bond to recover losses.
Defendant Wins, Had Possession
If a Counter Replevin Bond was filed, the defendant would keep the property that they originally had possession of. Jet returns collateral to the defendant.
Defendant Wins, Did Not Have Possession
The plaintiff obtained a Replevin Bond allowing them to hold the property until the court determined who the rightful owner was. The defendant is granted ownership by the court and would need to be in receipt of the possession. Should the plaintiff not return the possession, delay return, or return it in a damaged state, a claim would be placed on the Replevin Bond to recover the lost amount.
Any claim on a bond held by Jet would be paid out cover damage or loss to the property and any court fees. The collateral held would be utilized and paid out to the damaged party, in this case the defendant. Jet would return any unused collateral to the plaintiff.
What Is the Purpose of Counter Replevin Bonds?
Counter Replevin Bonds can be requested to the court where a Replevin Bond was filed by the plaintiff taking back possession of property under dispute. Replevin is the legal action of someone seizing personal property that was wrongfully or illegally taken. The Counter Replevin Bond allows the defendant to keep the property until a court decision is reached, and is a guarantee that the defendant will surrender the property to the rightful owner upon losing the civil case. Counter Evidence will need to be supplied to the court in order to be allowed to issue a Counter Replevin Bond and take possession back.
To fully understand the replevin process, here is an example scenario:
Frankie and Sidney start a delivery company. Frankie provides the delivery truck and Sidney provides the warehouse. After a few years in business, the delivery company closes its doors. The delivery truck is still located at Sidney’s warehouse but Frankie wishes to repossess the truck. Sidney believes the truck is now theirs and refuses to let Frankie take it. Frankie (the plaintiff) files a Replevin Bond with the court to seize the property. Sidney (the defendant) wishes to stop Frankie from collecting the truck by filing a Counter Replevin Bond. The delivery truck will remain in Sidney’s possession until the court has reached a verdict.