Demand Forfeiture Bond In Wake

Q: What does it mean when a bond is forfeited?

If a defendant&#039;s bond is forfeited, it means that they have failed to comply with the conditions of their release.

Category:

Civil Procedure - Bonds

State:

Multi-State

County:

Wake

Control #:

US-00415BG

Format:

Instant download

Description

The Demand Forfeiture Bond in Wake is a legal document used to acknowledge a monetary obligation between parties. This form establishes that one party, referred to as the debtor, owes a specified sum of money to another party, the creditor. The bond includes key features such as the indebted amount, interest rate, and the requirement for payment upon demand. Filling out the form involves providing personal details, including names and addresses, and signing in the presence of a notary public for legal verification. Attorneys, paralegals, and legal assistants will find this form useful for facilitating financial transactions and ensuring proper documentation of debts. Partners and business owners can utilize this bond to secure loans or credit lines, as it formalizes the terms of repayment and protects the creditor's rights. It is essential for users to follow the instructions carefully to ensure the document is legally binding and enforceable.

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FAQ

A payment required for not fulfilling a contract. the act of losing or surrendering something as a penalty for a mistake or fault or failure to perform etc. synonyms: forfeit, sacrifice.

A bail is forfeited when a defendant fails to appear, without sufficient excuse, for arraignment, trial, judgment, or any occasion prior to the pronouncement of judgment if the defendant's presence in court is legally required, or if the defendant fails to surrender in execution of the judgment after appeal.

Forfeit or forfeiture means losing a right, privilege, or property without compensation as a consequence of violating the law, breaching a legal obligation , failing to perform a contractual obligation or condition , or neglecting a legal duty .

Bond forfeiture means that the person loses the guarantee made by the bail bond company on their behalf. There are some circumstances in which the judge might excuse the accused for missing court and bail or bond can be reinstated.

A bond forfeiture occurs when a person is required to show up for court on either a personal bond or a surety bond, and they fail to show up for that court date. Some judges will give a bit of leeway, especially if that person has an attorney who can argue for them as to why they were not able to make it.

If a defendant's bond is forfeited, it means that they have failed to comply with the conditions of their release.