When a person is arrested and detained in jail, they must post bail to secure a release from a pending criminal case. Posting bail bonds is the cheapest and most convenient way to secure a release for a loved one.
Bail bond collateral is a safety measure the surety companies take to ensure they do not lose their money in a bail forfeiture. Collateral could be anything from cash to real estate and other valuable items and is provided as an addition to paying the bail bonds premium.
Understanding different types of bail bond collateral is critical when you seek a bail bond release for your loved one. If your loved one is arrested in Nevada, you will require expert bail bond services to secure their release.
Types of Bail Bonds collateral
Unfortunately, most defendants and their families lack the financial capacity to post cash bail. Instead of watching a loved one sit in jail for weeks or months as they wait for a trial to be scheduled, you can explore other bail posting options, like bail bonds.
If you set a bail bond for a loved one and they skip bail, the surety company could lose the amount they presented to the court. For this reason, bail bond collateral is a critical part of the bail bond agreement. Typical forms of collateral accepted by bail bond companies include:
Real Estate
The most common form of bail bond collateral is real estate. If you wish to present a real estate property as collateral, the bail bond company will put a lien on the property and can only lift it when all the bail bond conditions have been met. This will occur when the case ends, and the court returns the bail money to the company, or when you revoke the bail bond and the defendant is returned to jail.
Under Nevada law, a lien is a legal claim against a property for debt repayment. The court will forfeit bail when a defendant fails to appear for trial. In this case, the bail bond company will have the legal right to sell the real estate property and recover its money.
The bail bonds company will determine the value of real estate property that can be used as collateral. The main factor that could impact the value of the property needed is the defendant’s flight risk. Since real estate is one of the most secure assets you could own, bail bond companies are eager to provide services to individuals who can offer this type of collateral.
Vehicles
If you have the title to your vehicle, you can use it as bail bond collateral. Some bail bond companies will take the vehicle directly or confiscate the documents for the vehicle. In other cases, you may need to take a loan over the vehicle to pay the surety company. Whether or not you can use your vehicle as bail bond collateral will depend on its value. Most surety companies will only accept collateral whose value exceeds the bail amount they present to the court for your loved one or friend.
Brokerage Accounts
Sometimes, a bail bonds company accepts money placed into a brokerage account as bail bond collateral. Brokerage accounts contain assets like stocks and foreign exchange. If you have assets in a brokerage account, liquidating them to post a cash bail may not be the wisest idea. Selling these assets quickly to secure a bail release could fetch you a lower amount than the market value.
Fortunately, you can seek a bail bond and use the brokerage account as bail bond collateral. You could use brokerage accounts by offering the investments directly or issuing an irrevocable line of credit. With an ILOC, a bank offers credit to the surety company using your account as collateral. Obtaining an ILOC will require a good credit history and trust in the bank.
Credit Cards
Sometimes, bail bond companies accept credit cards as collateral for the bail bonds they offer to defendants. When using a credit card as collateral, the surety company will hold onto the card and charge money similarly to a hotel reservation. Although a credit card hold will not show on the card statements, it can offer some protection for the bail bonds company.
Cash
Cash is the most reliable form of collateral for a bail bond. When you use cash to obtain a bail bond release for a loved one or friend, you can present the company with a check or wire the cash to them. The bail bondsman can collect the money if the defendant violates the bail agreement.
While cash is the most preferred form of collateral, many defendants and their families seek a bail bond for the lack of money or property to liquidate. Therefore, this type of bail bond collateral is not commonly used in the state.
Valuable Jewelry
Some surety companies accept jewelry as bail bond collateral. However, these items must meet the value required by the bail bondsman. The company will hold onto the jewelry until the defendant appears for trial and the company recovers its money. Before the surety company accepts pieces of jewelry, you must prove the market value of the jewelry by consulting with a valuer.
Find a Reliable Bail Bonds Company Near Me
Collateral is any property or item that can be sold to recover money presented to the court after bail forfeiture. Bail bond companies accept various items as collateral, including property, money, and valuable jewelry. However, there is a specification on the item's value you can present. The collateral’s value must be equal to or above the set bail amount.
Hiring a reliable bail bonds company will speed up your loved one’s release and lessen your burden when posting bail for them. At Express Bail Bonds, we will offer the financial assistance and expert guidance you need to navigate the bail process in Las Vegas, NV. Call us at 702-633-2245 to discuss your bail needs.
