What’s known as collateral may be used by a bail bonding company like All American Bail Bonds in Santa Clarita as part of a surety bond contract created to have a person who was recently arrested released from jail. So what does collateral mean and why is it needed?
If a person who has been arrested needs a surety bond to be released from custody, collateral can be used by a bail agent to help ensure the person shows up to all of their scheduled court appearances, including their judgement day.
While items used as collateral are often high value, what a bail bonding company may accept can vary based on the specific circumstances, according to the Bail Resource Center and Career Academy.
Additionally, the current market value of the item is disregarded, as the bail agent must instead base its value on what they could receive after the asset is sold and value is subsequently lost.
Two main types of collateral are accepted by bail bonding companies like All American Bail Bonds in Santa Clarita, including real property and personal property.
Real property could mean residential, commercial, industrial or agricultural property. Personal property can include a wide range of items, such as cash, vehicles, stocks and bonds, savings accounts, life insurance policies, a business and jewelry.
After the arrestee has fulfilled the requirements in their contract and made all of their court appearances, collateral is returned by the bail agent.
In exchange, for the bail bonding company’s services, the contract usually required a non-refundable premium to be paid in full, which in the state of California is 10 percent of the total bail amount.
At All American Bail Bonds in Santa Clarita, bail agents are available 24/7 to answer questions and explain the process of a surety bond.
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26707 Oak Ave #A
Santa Clarita, CA 91355
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If your loved one is in custody and they wish to talk to an All American Bail Bonds representative, call:
818-990-0003 or 661-267-6777