What is a Secured Bail Bond?
Whether or not you've ever had to post bail for someone, you've probably heard the term "bail bond." A bail bond is money paid to the court once a suspect is released from jail and serves as a form of insurance to make sure the suspect returns for his or her trial. But what exactly is a secured bail bond and how does it work?
Other People Are Reading
-
Function
-
Like the name suggests, a secured bail bond requires the suspect to put up a security deposit or some form of collateral (often property) as a guarantee that he or she will show up for the trial. The property's worth must be equal to or more than the bail amount required by the court. Often referred to as property bonds, a secured bail bond can be obtained from either the suspect or from any willing individual.
Considerations
-
The judge usually determines the amount of a secured bail bond, which is typically based upon the severity of the crime. Very serious charges such as murder tend to require a higher bail bond than lesser crimes such as theft or traffic violations. In addition, if the suspect has a history of failing to appear in court, he or she can be denied bond.
-
Process
-
When an individual is unable to pay the full amount of his or her bail in full, a secured bail bond must then be obtained from a bail bond agent, a person who is willing to post the full amount of the bail bond for a specified service fee (usually ten percent). Once the defendant appears in court, the bail bond agent retains the fee, but no other fees are due. If the defendant fails to appear in court, however, the bail bond agent not only keeps the fee, but the full bail bond amount is also still due.
Types
-
In addition to secured bail bonds, there are other ways to pay the required bail amount. The person can pay the full amount in cash, take out an unsecured bail bond or sign an own recognizance (OR) contract. In most cases, however, secured bail bonds are most common.
Warning
-
Because a secured bail bond usually involves property of some sort, it's important to know that, if you take out a secured bail bond for someone and he or she fails to appear for court, the court can legally foreclose on the property in order to collect the full amount due.
-
Resources
- Photo Credit Rupert Jefferies
