Bail With Surety In Michigan

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State:
Multi-State
Control #:
US-00006DR
Format:
Word; 
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Description

A bail bond is a bond provided by an insurance company through a bail bondsman acting as agent for the company, to allow an accused defendant to be released before trial. A bail bond is designed to ensure the appearance of the defendant in court at the scheduled time. Prior to the posting of a bail bond, the defendant or a co-signer must guarantee that they will pay the full amount of bail if the defendant does not appear in court. The bail bond company usually charges 10 percent of the amount of the bond and often requires the defendant to put up some collateral like a seconded of trust or mortgage on one's house.


When the case is concluded, the bail bond is "exonerated" and returned to the insurance company. If the defendant disappears and fails to appearing court (skips bail), the bond money will be forfeited unless the defendants found and returned. The bond may be forfeited, by order of the court, upon the partys failure to appear or to comply with the conditions of the bond. If the defendant is located and arrested by the bail agent the cosigner is responsible for all expenses the bail agent incurs while looking for the defendant.

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FAQ

A person can remain on bail for the amount of time that their case is proceeding before the Court. What is a 'surety' in bail? A surety is a person who guarantees the defendant will attend their court date after being granted bail.

The surety bond protects the obligee against losses resulting from the principal's failure to meet the obligation. The person or company providing the promise is also known as a "surety" or as a "guarantor".

In finance, a surety, surety bond or guaranty involves a promise by one party to assume responsibility for the debt obligation of a borrower if that borrower defaults. The person or company providing this promise is also known as a “surety” or as a “guarantor”.

How to make a surety bond claim Step #1: Find out who bonded the offender. Step #2: Make contact with the bonding company, specifically their Claims Department. Step #3: File the surety bond claim as the surety company requires. Step #4: Once your claim is received, maintain contact with the surety company.

Tax Preparer Bonds Tax preparers in California must post a $5,000 surety bond to get licensed. The bond acts as protection to clients of tax preparers, as the latter have access to sensitive information.

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Bail With Surety In Michigan