An appeal bond is required of defendants and occasionally plaintiffs to a civil lawsuit when the appealing party wishes to stay collection of a judgment. A New York appeal bond, referenced in the New York C.V.P. as an "undertaking", is the quickest way of staying the enforcement. The statute does not appear to allow appeal of mutual settlements or arbitration but generally any other sentence, such as a money judgment can be stayed. An appellant may exercise his or her appeal right however the notice and filing of appeal does not offer an automatic stay. A New York appeal bond undertaking must be posted with the appropriate clerk of court, be in appropriate form and include solvency and licensing evidence from the surety.
Pursuant to N.Y. CVP. LAW § 5519 : NY Code - Section 5519, (a) Stay without court order. Service upon the adverse party of a notice of appeal or an affidavit of intention to move for permission to appeal stays all proceedings to enforce the judgment or order appealed from pending the appeal or determination on the motion for permission to appeal where: (2). the judgment or order directs the payment of a sum of money, and a New York appeal bond in that sum is given that if the judgment or order appealed from, or any part of it, is affirmed, or the appeal is dismissed, the appellant or moving party shall pay the amount directed to be paid by the judgment or order, or the part of it as to which the judgment or order is affirmed.
Although the statute does not so state the New York "undertaking" is also often referred to in some venues as a New York "supersedeas bond". The bond is nonetheless the same thing, by ad different name. Sec. 2502, addresses the qualifications of sureties and the New York appeal bond form, to wit; (a) Surety; form of affidavit. Unless the court orders otherwise, surety shall be: 1.) an insurance company authorized to execute the undertaking within the state: AND, (d) a Notary Acknowledgment.
Obtaining an appeal bond quote is simple and immediate. We require a only complete judicial bond application to offer a quote. Underwriting of appeal bonds requires review by a surety bond underwriter with knowledge of court undertakings and specific local court rules. New York surety bond leader SuretyOne.com specializes in judicial undertakings. A New York appeal bond application submission is reviewed and responded to within one hour of receipt. We are the most agile surety bond underwriter in the United States. Call (800) 373-2804, email us at Underwriting@SuretyOne.com or click here for a live chat with an underwriter for further information or to discuss your particular need.
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