In the Commonwealth of Virginia, a party that suffers an adverse civil verdict is allowed the opportunity to appeal (an appeal of right). Simply filing a notice of appeal is NOT however sufficient to restrain a judgment creditor from immediately pursuing collection. A Virginia supersedeas bond must be filed and approved by the court to effectively stay execution (collection) on a civil judgment.
Supersedeas bonds are addressed under §8.01-676.1 of the Code of Virginia, and its subsections. Titled, "Security for appeal," the requirements are:
The surety must be approved by the court in which the Virginia supersedeas bond is filed. Further, the statute authorizes the Supreme Court to approve specific wording to which the surety bond must adhere and must be published in the "Rules of Court." The 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 or irrevocable letter of credit 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 supersedeas bond quote is simple. We require a complete judicial bond application and a copy of the pertinent court documents. Underwriting of supersedeas bonds requires review 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 supersedeas bond application submission 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.