When it comes to securing a bail bond from a bail bondsman, there are several types of collateral that can be used. Bank accounts, real estate, vehicles, and jewelry are all accepted forms of collateral. In some cases, a qualified co-signer may also be accepted. It is important to remember that regardless of whether the defendant is found guilty or innocent, the collateral must be returned.
Real estate can include any type of property such as a house or building. Land and natural resources such as livestock and crops are also considered real estate and can be used as security for the bond. If you do not have any real estate of your own, family and friends may offer their own properties as collateral. Pawnable items can include furniture, electronics, gaming systems, tools and equipment, and more.
As long as the items can guarantee your release on bail in Dover or other nearby cities, they can be used. All of your pawnable belongings will be left in the hands of the bail bond company. Jewelry can also be pawned, but most of them can be sold at high prices such as gold and diamonds. You can put a piece of jewelry up as collateral instead of using any usable items you have. The Bridgeville bail bond agent will take your jewelry and store it in a safe place.
The person who contracts the bond not only pays the 10% fee but must also agree to be responsible for the rest of the bond paid by the bond agent if the bond is lost. If the bondsman or managing general agent does not return the collateral to the guarantor by permanently terminating the liability of the bond, then the guarantor will be responsible for returning the collateral or paying the compensator in accordance with this section. A bond or bail is simply a monetary guarantee that a person who has been charged with a crime will appear in court when ordered. However, bonds have a drawback: the 10% that is paid to the guarantor is a fee, not a deposit to guarantee appearance. A defendant who is released on bail (or through recognition bail or other agreement) awaiting trial will be imposed certain conditions.
The bondsman cannot use the collateral for personal benefit or gain and must return it in its original condition. The collateral or other compensation required by the bail bond agent must be reasonable in relation to the amount of the bond. This is sometimes referred to as “self-bail” or “personal recognition bond”. Regardless of what type of collateral is accepted by the bail bond agency, you will have to face two things: risking everything you own or getting someone out of jail. Authorization forms are used to authorize a bond company to use the card for criminal amount of the bond if the defendant does not appear in court. Whatever collateral is accepted by the Milford bail bond agency, it must be kept in a safe place and returned to its original owner undamaged.
Fees vary by state but are generally 10% of the bond amount except in federal bonds and immigration cases which can reach 15% or 20%. However, if the bail bond agent cannot locate the fugitive then they must pay out the full amount of the bond to the court. If you believe that there is a risk that the defendant may flee then contact your guarantor as soon as possible to review your options. Depending on how much money is involved and other factors, a lien on real estate may be required as security for your arrangements with a bond agent.