A bail bond is a financial instrument that is used by parties to secure the release of a person from jail, prison, or detention pending trial. A bail bond will be paid by someone who has bailed out the accused; which means that they have secured their release upon posting collateral in the form of cash or property. The person who posted the collateral is referred to as an obligor while the party who pays for such security and/or released defendant are called a surety. In terms of preset amounts, a pennsylvania bail bond company can pay any amount up to $15,000 while a surety can post virtually infinite amounts but cannot recover more than twice what they posted in cash or property bonds.
Defining Bail Bond
Bail bond agents are employed by both private parties and commercial establishments like banks and financial institutions. When used in the case of criminal charges, a bail bond is used when the accused is unable to pay their own bail. The bond may be required as part of the pre-trial release agreement which will occur after court proceedings have started. In some cases, a bail bond may even be required at arrest or during police booking regardless of whether or not an arraignment has been scheduled.
Types of Bail Bond
There are two types of bail bond; statutory and non-statutory. A statutory bail is one that is set by a judge for the court, government agency or other person. Most people, including judges, use the term “surety” to mean a person who has posted a bond. This type of bail will always be more expensive than non-statutory bonds as they are paid by someone who has voluntarily agreed to post the collateral.
Types of Bail Bonds
There are two types of bail bonds; general and special. A statutory bail is required by law; however, a non-statutory bail is one which has been set at the discretion of the bonding agent. These types of bonds can vary dramatically in terms of expense and are also used in different circumstances. A special bail bond is one that has been set for a specific case or to handle an emergency situation. A general bail should be used when you need to secure the release of someone who has been arrested and you wish to be free until your trial.
Bail Bond Process
The first thing a bail bond agent will do is review the paperwork from the court or agency that is holding your loved one. There are several things which will be taken into account including the strength of criminal allegations, timeliness of arrest and severity of crime. In some cases, even if you have a lot of assets, a financial criterion may still stand as part of pre-trial release agreement.