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California Appeal bonds (also called supersedeas bonds) are a type of court surety bonds that are required only when a prior court decision is being appealed by the defendant. It�s not as easy as you might think to appeal a court�s ruling in a civil matter. The truth is that many people who believe they have grounds for a successful appeal really don�t.
An appellate judge isn�t concerned about new information coming to light or that a certain witness didn�t testify. The only way a defendant wins an appeal is if there was something irregular about the trial�some procedural issue that compromised the defendant�s rights. One reason that appeal bonds are required when filing an appeal is to prevent frivolous appeals with little likelihood of success that are essentially a waste of the court�s time and resources. Often, such appeals are no more than an attempt to delay paying the judgment awarded to the plaintiff.
The more important reason for requiring appeal bonds is to ensure that the funds will be available to pay the judgment upon conclusion of an unsuccessful appeal. The judgment is suspended until the court has rendered a decision on the appeal, but it becomes payable once the judge rules against the defendant.
In California, appeal bonds are required in most cases in which the judge awarded a sizeable damages award to the plaintiff. The amount of the bond must be equal to one and a half (150%) of the amount of that award. The court will let you know when you file your appeal whether you must purchase an appeal bond and, if so, in what dollar amount. Be aware that you will have to put up collateral in the same amount as the bond before the surety company will issue your appeal bond.
Once a defendant has filed a California appeal bond, it can be months before a final decision is rendered by an appellate judge. During that time, enforcement of the judgment stays. But once the judge rules in favor of the plaintiff, the judgment must be paid.
The court will file a claim against the defendant�s appeal bond, and the surety will use the collateral to pay the judgment amount to the court for disbursement to the plaintiff.
In most surety bond underwriting situations, the personal credit score of the bond applicant is the primary factor in the surety bond company�s establishment of the premium rate for that person. That�s because the surety is taking a risk in paying claims and waiting to be reimbursed by the bonded individual.
The defendant�s creditworthiness is not a big concern in setting the premium rate for an appeal bond, because the bond is fully collateralized. The surety bond company isn�t advancing any of its own funds because the collateral is used to pay the court�s claim against the bond.��However, the defendant must provide the surety company with legal documents pertaining to the case being appealed, such as the original complaint and judgment, notice of appeal, and a financial statement. In most cases, the appeal bond premium will be in the vicinity of 2% of the required bond amount.
Request a convenient online quote today, or call to speak with one of our experienced professionals about the California appeal bond you need.
