Getting A Bail Bond? Know What These Terms Actually Mean
If you're getting a bail bond for a friend or family member for the first time, there can be a lot of confusion as words are thrown around that you are completely unfamiliar with. Know what these terms mean before you go to visit a bail bondsman.
Surety
A common word that is going to come up is surety, which will make you wonder what it actually means. A surety is when a person takes on responsibility for the person being released from jail. In this case, it is the bondsman that takes on responsibility by providing the money for bail.
Summons
The bondsman will need to know when the accused person's summons will take place. This is a fancy way of saying the day that the person will need to return to the court since the bondsman will need to know this date so that they can keep track of it. The bondman does have an interest in making sure the accused person returns to court for their hearing and may even take steps to check in to act as a reminder.
Collateral
Don't be surprised if the bondsman requires some sort of collateral for you to get a bail bond. This means that you need to give the bondsman something to hold onto, and they will get to keep it if the accused person does not show up for their hearing or breaks the terms of their bail. That is because the bail money will likely be lost, and the bondsman needs the collateral to make themselves financially whole again. A bondsman will likely hold onto small items as collateral, such as jewelry, but will take deeds and titles for cars and homes since they can collect the property later if necessary.
Premium
A bail bond is essentially a type of loan, so it will come at a price. Rather than being charged an interest rate on the loan, you will have to pay a premium to the bail bondsman instead. This can be a good or bad thing because bail money is not released until the court has rendered a judgment. If the accused person has a very long trial, interest would quickly add up over time. Instead, you only pay a premium, which is based on a percentage of the bail money that is being requested. You can provide some of the bail money yourself to lower the amount needed, which will lower the premium as well.
Contact a company like Steele Boys Bail Bonds to learn more.
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