What does Replevin Mean?
Replevin is a type of lawsuit in which an individual (a plaintiff) can retrieve articles of personal property that were wrongfully taken or detained by a defendant.
Unlike other forms of legal recovery, Replevin seeks the return of the actual article of personal property in question, not comprable money damages.
Replevin is also called Claim and Delivery, or sometimes Revendication.
What is a Replevin Bond?
A Replevin Bond is a type of surety bond that allows a plaintiff to take possession of property in question before a court trial begins. A Replevin Bond ensures the defendant will receive his/her property back if the court rules in favor of the defendant.
The Replevin Bond also guarantees that the plaintiff will be responsible for all legal costs, fees, and damages sustained by the issuance of the Replevin.
Replevin Bond Example
Here is a helpful example:
John and Sue are getting a divorce. When Sue moved out she did not have a chance to get her laptop computer which she believes is her own personal property. However, John believes the laptop is his property and refuses to let Sue have it.
Before going to court, Sue gets a Replevin Bond from a surety company which allows her to take possession of the computer before the case is seen by a court. During this time, she cannot sell or get rid of the computer, and it needs to stay in the same condition as when she received it.
When the case is decided one of two things will happen: One, the court finds in favor of Sue and she keeps the computer in her possession, or, the court finds in favor of John and the computer is returned to him.
In the second case, if Sue returns the computer to John in a condition worse than when she received it, John can make a claim on the Replevin Bond. If the claim is determind to be valid, the surety company who issued the Replevin Bond will compensate John for the damages. Because of the nature of surety bonds, the surety company will go to Sue for reimbursement of the money that they gave to John.
How Much Does a Replevin Bond Cost?
The price you'll pay for a Replevin Bond will vary from state to state and case to case. Generally, the court has some say in how much the Replevin Bond amount will need to be. Often, the bond is double the value of the property replevied.
To get the bond, you will not need to pay the entire bond amount. Instead, you will just pay a small percentage of it. Learn about how court bond costs are calculated.
The surety company might also require collaterall to issue the bond.
To get a Replevin Bond, contact a surety bond company or a lawyer in your area.
If you use us (Surety Solutions), we will work hard to get you approved for a Replevin Bond. Our bonding process is simple and straightforward. Get started below: