In the Commonwealth of Virginia, a defendant that takes an adverse verdict is allowed the opportunity to appeal (an appeal of right). Simply filing a notice of appeal does NOT however restrain a judgment creditor from pursuing collection of the underlying judgment. A Virginia appeal bond must be filed and approved by the court to stay execution (collection) on the judgment.
Appeal bonds are addressed under §8.01-676.1 of the Code of Virginia, and its subsections. Titled, "Security for appeal," the requirements are generally as follows:
The surety company must be approved by the court in which the Virginia appeal bond is filed. The Code authorizes the Supreme Court to approve the specific wording which the surety bond must follow and must be published in the "Rules of Court." The appeal bond penalty must likewise conform to the statute which offers a formula for determining said penalty. "(J.) In any civil litigation under any legal theory, the amount of the suspending bond to be furnished during the pendency of all appeals or discretionary reviews of any judgment granting legal, equitable, or any other form of relief in order to stay the execution thereon during the entire course of appellate review by any courts shall be set in accordance with applicable laws or court rules, and the amount of the suspending bond shall include an amount equivalent to one year's interest calculated from the date of the notice of appeal in accordance with §8.01-682. However, the total suspending bond that is required of an appellant and all of its affiliates shall not exceed $25 million, regardless of the value of the judgment.
Obtaining a Virginia appeal bond quote is simple. We request a complete judicial bond application and a copy of the entry of judgment. Underwriting of appeal bonds should be accomplished by a surety bond underwriter with knowledge of judicial obligations and local court rules. Virginia surety bond leader SuretyOne.com specializes in court bonds. A Virginia appeal bond application is reviewed and responded to within one hour of receipt. We are the most agile appeal 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.
Surety bond application review and quoting are free of charge. There is no obligation to purchase.