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Iowa surety bonds are required by many municipalities, as well as state agencies. Apply for an Iowa Surety Bond today! Single Source Insurance is a leading Iowa surety bond company. Apply easily online and take advantage of lowest rates. If you do not see the exact bond type you need, please contact us or complete a miscellaneous application.
There are several different types of Iowa appeal bonds, some required of plaintiffs and others of defendants, depending on the nature of the case. The most common type of Iowa appeal bond is a supersedeas bond, the only appeal bond that stays execution of the trial court�s judgment while the trial court�s decision is under appeal.
The only valid grounds for appeal is a procedural error during the original trial that compromised the defendant�s rights. Simply presenting new evidence or challenging testimony given during the original trial is insufficient. Consequently, the overwhelming majority of appeals fail.
A supersedeas bond serves several important purposes:
Any defendant filing an appeal of a court decision and requesting a stay of the trial court�s judgment must provide the trial court with an Iowa appeal bond (specifically a supersedeas bond).
The required bond amount for a monetary judgment is 110% of the judgment amount. The 10% margin ensures that funds will be available to cover additional court costs, accrued interest on the judgment amount, and any fees assessed by the appellate court. If the judgment is for real property, the required bond amount will be established by the trial court (the �obligee� in the surety bond agreement for an Iowa appeal bond). The minimum bond amount in any case is $1,000.
Iowa appeal bonds must be fully collateralized because the high probability of a failed appeal means that the appellant will most likely end up having to pay the original judgment.
The terms of the surety bond agreement obligate the appellant (the �principal�) to pay the original judgment if the appeal is denied. If the principal fails to pay the judgment within a certain period of time, the court will seize the collateral and use it to pay the judgment.
Because Iowa appeal bonds are fully collateralized, there is little risk exposure for the surety bond company (referred to as the �surety�).�?While most surety bond premiums take the principal’s credit score into account, that is not the case with an Iowa appeal bond. In most cases, the surety will set a premium rate that’s about one percent of the required bond amount. That’s enough to ensure that funds are available to cover court costs and fees.
Request a convenient online quote today, or call to speak with one of our experienced professionals about the Iowa appeal bond you may need if you choose to appeal the judgment of an Iowa trial court.
