When a person gets into legal trouble with an authority, they can pay bail to secure freedom. A person who cannot afford bail may get help from a bail bond company. A bail bond secures freedom for a defendant and is a surety the person will show up in court on the assigned date. Collateral for bail bonds can include property, vehicles, and real estate, among others. Here are some types of collateral used for bail bonds:
Real Estate
Real estate equity such as land, commercial buildings, or any other property a defendant owns may be used as collateral. Real estate property that has a mortgage may not be used as a bail bond. The cost of the property determines the value.
Valuables
Some valuables, such as firearms, artwork, antiques, and precious metals like gold or silver, can serve as collateral. The bail bond company first evaluates the current market value of the items to establish if they can cover the cost of the bail. The company accepts the valuables as collateral if they are worth the bail bond amount.
Electronics
Expensive electronics such as smartphones, video game systems, and laptops may be used for collateral. If the value of the electronics value is not equivalent to or more than the bail amount, the client may combine that value with cash. Electronics can be sold to recover the bond expenses if the defendant fails to keep the court appointment date.
Guaranteed Stock and Bonds
Guaranteed stocks and bonds are another option for bail bonds. The stocks and bonds can qualify as collateral if the guaranteed investment is equal to, or exceeds, the penal costs. The defendant will have to sign over the legal ownership of the investments to the bail bond company.
Vehicles
Vehicle collateral includes trucks, cars, and motorcycles, and recreational automobiles such as snowmobiles, boats, and ATVs. The vehicles should be completely paid off and the defendant must be listed on the title. The bond company evaluates the trade-in value of the vehicle before accepting the asset as collateral.
Financial Accounts
A defendant may give saving accounts, credit cards, or a certificate of deposits (CDs) as collateral if the limit amount can cover the penal amount. They have to put the name of the bond company as the legal agent of the financial assets. The company can charge the full bail in case the client fails to honor the court date.
Promissory Notes
Sometimes the bail amount can be too much for the arrested person to afford collateral. The jailed individual may choose to give a bond company a promissory note equivalent to the bail amount. The promissory note helps the bail service locate the defendant to collect the bail amount if the person fails to show up in court.
Get Bail Bonds Help
A person who has been arrested and is in jail can use a bond to secure their immediate release. Bail bond companies can assist a client in getting bail bond collateral to secure freedom. The company offers bail bonds since it can sell the collateral if the client fails to show up for the court hearing. Talk to a bail bond company to learn more about what kinds of assets are accepted as collateral.
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