Bond Definition For Law In Michigan
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FAQ
A bail bond is a surety bond, which is posted by a bail bond company to the court as a guarantee for an arrestee's appearance at all court dates. The court will release an arrestee from detention upon posting of the bail bond.
Determining the Bail Amount in Michigan A bail hearing usually – but not always – occurs within 48 hours of a defendant being charged. When deciding bail, a judge or magistrate will consider factors like: The seriousness and circumstances of the allegations. The defendant's criminal history and risk of reoffending.
A bond's credit quality is usually determined by independent bond rating agencies, such as Moody's Investors Service, Inc., and Standard & Poor's Corporation (S&P). These agencies classify bonds into 2 basic categories—investment-grade and below-investment-grade—and provide detailed ratings within each.
There are three requirements for obtaining a Judicial Court Bond: Submit an application and signed indemnity agreement supplied by the surety broker/agent; Provide a copy of the court papers for the applicable action being filed; and. Provide collateral, usually in the form of an Irrevocable Letter of Credit.
(1) Except as otherwise provided by law, a person accused of a criminal offense is entitled to bail. The amount of bail shall not be excessive. The court in fixing the amount of the bail shall consider and make findings on the record as to each of the following: (a) The seriousness of the offense charged.
