Normally one hears of collateral when one approaches a bank for a loan and the banker insists on securing his lending with the collateral of your property. The banker hopes that by leveraging the security he can ensure timely repayment of the loan. In much the same manner a bail bondsman or bail bond company may insist on collateral as a way of ensuring that the defendant cooperates and attends court hearings till the case is resolved.
For a broad range of penal violations, collateral is not insisted upon by the bail bondsman and open or simple signature bonds are issued that do away with the need for valuable collateral. Most clients may find themselves automatically falling in the no collateral category and become eligible for simpler signature bonds that do not infringe upon their property titles. Nevertheless, it is mandatory for all agents representing defendants to go through an extensive interview giving an opportunity to the bondsman to satisfy his quest for complete information on the defendant, his family situation, financial standing and the crime committed.
Many factors are probed in depth by the bail bondsman such as the duration the defendant’s stay in the locality, the status of his employment situation, his latest credit ratings, history of crime or arrest warrants and the seriousness of the present crime. Both the defendant and the agent posting bail on his behalf have to undergo the background checks if only to ascertain the degree of risk that the bondsman is exposed to in writing the bond. The detailed interview also makes it possible to assess the need for taking on collateral to secure the bond.
If a friend or family member posting the bond successfully negotiates the reliability barrier, the bondsman rarely insists on collateral security, and a simple bail bond is furnished. The bail bondsman will however emphasize to the family member or friend the responsibility of adhering to the bond’s legal obligations – ensuring that the defendant cooperates in all court hearings as and when he is required to appear in person. This is important because by appending his signature to the bail bond agreement the agent is obliged to pay up the stated bail bond amount if the defendant fails to appear in court or remains absconding for any reason whatsoever.
The no collateral bail bond is in many ways the equivalent of the unsecured banker’s loan, where the banker satisfies himself in extending credit on the strength of the borrower’s good credit record. The bail bondsman, in assessing the financial standing of his client, is adopting the same approach as the banker does in appraising the credit worthiness of a bank customer.
Bailing out on the wings of cold cash
You can directly pay the whole bail bond amount to the court in lieu of collateral, and without having to pay 10% upfront as bond premium to a bail bondsman for issuing a signature bond for the larger amount. The potential advantage in adopting this procedure is that the agent can hope to get his cash bail money refunded if the case is resolved in favor of the defendant.
The judge grants “Own recognizance” release to defendant
If the defendant has no history of serious crime or any past rap sheet or misdemeanor prior to committing the present crime, he could be released purely on the strength of his own written undertaking that he will appear for any hearing that the court deems necessary for resolving the case. In this option neither cash nor bond or collateral is required.
The bail unprotected by cash or any tangible security
The unsecured bail bond is essentially a bail bond that obliges a defendant to appear for court hearings till his case is resolved, without any cash being paid upfront or any property or other security offered as collateral. There is no deposit of cash and there will be no lien on any physical asset. If the terms of the bond are violated and the defendant fails to appear in court, he becomes liable to pay the entire bond amount in court. Naturally, this type of bond will only be extended to defendants that are free of crime records and rap sheets and who have a good stake in the local community that precludes them from sabotaging their own interests.
In choosing a bail bond company it is important to favor firms that are richly experienced with higher levels of professionalism. You also need to ensure that the firm is trustworthy and reliable and treats all its clients with utmost respect and confidentiality. Realizing that each individual presents a unique case we are go the extra mile to ensure private and personalized service. We have no hesitation in offering solutions that are holistically tuned to your financial situation. We have licensed bondsman willing to share complete information and help you chose the best options in your legal battle. For satisfying your immediate legal needs we are accessible through Hacienda Heights (CA) and our experienced and licensed bondsmen are at your beck and call whenever the need arises.