Will I need collateral to post a bail bond?
When posting a bail bond, you will always put up some type of collateral.
he required collateral may be in the form of contracts. These contracts state that you (the indemnitor) will be responsible for the full amount of the bond in the event that the defendant is not compliant to the bail bond terms and agreements. In other words, if the defendant does not show up to court each and every time he/she is required to do so.
Other collateral for bail may be required in addition to the contracts. This can come in in the form of cash, real property, stocks, bonds, cars, boats, and possibly other item of value. When using cash (or credit card) to secure collateral, it is placed into a separate collateral account required by DFS. This is a non interest bering escrow account set up for this purpose. Using cash is the most common for of collateral mainly due to the ease of transfer. It is not uncommon for a mortgage to be placed on real estate to secure the bond up until the disposition of the case.
When is collateral returned?
All Collateral is returned upon notification from the court that the case has been disposed of. The verdict of the case (guilty, not guilty, etc.) has no bering on whether or not the collateral is returned just as long as the bail bond agency receives the required documentation form the courts.