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1-877-422-4599
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Collateral Needed for Florida Bail Bonds
When posting a bail bond, you will always put up some type of collateral. There are many different ways this could be done. On smaller bail bonds ($5,000 or less), the required collateral may be in the form of contracts. These contract being the Indemnity Agreement and Promissory Note. These two documents are standard in all bail bonds and are given by the surety companies. The Indemnity Agreement and Promissory note states that you (the indemnitor) will be responsible for the full amount of the bond in the event that the defendant is not compliant to the bail bond terms and agreements. Simply stated, if the defendant does not show up to court each and every time he/she is required to do so.
On larger bail bonds, other collateral for bail may be required in addition to the Indemnity agreement and promissory note. This can come in in the form of cash, real property, stocks, bonds, cars, boats, and possibly other item of value. When using cash (or credit card) to secure collateral, it is placed into a separate collateral account required by DFS. This is a non intrest bering escrow account set up for this purpose. Using cash is the most common for of collateral mainly due to the ease of transfer. It is not uncommon for a mortgage to be placed on real estate to secure the bond up until the disposition of the case.
When is collateral returned?
All Collateral is returned upon notification from the court that the case has been disposed of. The verdict of the case (guilty, not guilty, ect.) has no bering on whether or not the collateral is returned just as long as the bail bond agency receives the required documentation form the courts.
If you are using a credit card for cash collateral, a credit card fee of usually 2.8% will be subtracted form all cash collateral returned to indemnitor.
For Florida Bail Bond Service, call 1-877-422-4599
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