FOR ALL YOUR SURETY BOND NEEDS.
These surety bonds are general for all states.
Learn more about appeal bonds, also known as Supersedeas bonds, and apply today. Single Source Insurance offers surety bonds nationwide through a convenient online application system.
Appeal bonds, also known as supersedeas bonds or defendant�s appeal bonds, are designed to ensure that defendants appealing the decision of a lower court in a civil matter will pay the original judgement amount to the plaintiff if the appeal is unsuccessful.
It can take months, or even years, for an appellate court to make its decision, and the defendant could go bankrupt or even die in the interim. An appeal bond ensures that the judgement and applicable court costs will be paid if the appeal is unsuccessful, helping to prevent frivolous appeals and attempts to avoid payment of judgements.
Any losing defendant wishing to appeal the decision of a lower court is required by federal and state law to obtain an appeal bond before an appeal will be initiated. The lower court�s judgement is suspended until the higher court makes a decision on the appeal. If an appeal bond is not posted within two weeks of the lower court�s judgement, the winning plaintiff can seize the defendant�s property.
The appeals process begins only after the defendant has posted an appeal bond. While the appeals process is ongoing, interest accrues on the judgement amount. The bond remains in force until the appeal has been decided by the higher court. If the appeal is successful, the bond will be discharged, and the defendant bears no responsibility for the judgement. If the appeal was unsuccessful, the bond remains in force until the higher court�s judgement has been paid (plus accrued interest, fees, and court costs).
Appealing a judgement comes at a high cost to the defendant. Appeal or supersedeas bonds are considered high-risk, because relatively few appeals are successful. The premium rate is typically 1-2% of the bond amount and must be paid annually for as long as the bond is in force. In addition, all appellants must provide collateral of at least 100% of the original judgement amount, or even higher if there are other costs and interest due. Because of the high risk involved, only appellants in good financial condition are able to get an appeal bond.
If you�re considering appealing a civil judgement against you, you�ll need to make a quick decision. Submit an online application with Single Source Insurance today for turnaround times of 24 hours or less.
