An attachment bond is a judicial surety bond that indemnifies the owner or legal possessor of certain property or funds from losses associated with having been denied access to the attached asset(s) pending hearing of a civil controversy. An "attachment" is a formal "seizure" of another person or entity's property in accordance with an order or pursuant to a writ (often called a 'writ of attachment'). The attachment is deployed to secure satisfaction of a judgment that has NOT yet been entered. The effect of the attachment is to bring the subject property of funds in to the custody and under the control of the court holding jurisdiction. The practical effect and in fact the primary purpose of the attachment is to prevent the possessor/owner from dissipating or absconding with the asset(s). The writ and accompanying attachment bond generally specify that the property will be returned (un-attached) upon finding that the attachment was unwarranted.
An attachment bond is generally required by the suing party and is therefore secured by a plaintiff attachment bond, although a defendant may also seek attachment under certain circumstances. An attachment may be ordered against persons (in the event of contempt proceedings) but are most often granted against property and accounts held by financial institutions. In the event that an attachment is improper, the attached party can suffer damages due to being denied access to or use of the attached property of funds. The attachment bond provides a measure of financial security that the property or funds will be released and any damages due to said attachment paid to the prejudiced party. Damages are infrequent and the risk to the surety bond low because writs of attachment are generally granted when the court perceives that the attached party is deemed an absconding, concealing or fraudulent debtor AND because upon hearing a motion for writ of attachment the court finds that the movant is likely to prevail in his or her suit.
Ferederal attachment bonds in U.S. District Court cases are regulated by different rules. Read more here.
An attachment bond must be issued by a bonding company licensed in the jurisdiction wherein the replevy (replevin) action is to be filed and generally approved in the court district or circuit where the hearing will be held. Quoting a judicial bond is accomplished by a surety bond underwriter with knowledge of court bond obligations. Surety bond leader SuretyOne.com specializes in bonds for federal, state and local trial courts and courts of appeals. Applications submissions are 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 plaintiff attachment bond or other litigation surety need.
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