Bond Definition In Law In Utah
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FAQ
(1) Answering the question literally, "eviction" is a type of legal proceeding, essentially one to terminate a tenant's right of possession of real property and return possession to the landlord. "Legal possession" would simply be the party legally entitled to possession (and control) of a particular property.
Posting a bond with the court is a method of speeding up the eviction process. If your eviction has merit, posting a bond will get the tenant out quicker. The amount of the bond is up to the judge, but it usually equals approximately two times the monthly rental amount.
What are Writs of Attachment & Possession Bonds? These types of bonds are commonly referred to as Temporary Restraining Order or Temporary Protective Order bonds. They are generally required as part of a Writ of Attachment order, which puts a levy on the defendant's interest in real or personal property.
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.
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.
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.
