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What is Collateral? Do I need it for a Seminole County Bail Bond?

Published by in Collateral ·
Tags: bailbondsDaytonaBeachSeminoleCountycollateralbailbondsman

Collateral is not required for a Seminole County bail bondsman to post a bond. It is up to the bondsman. Some cases might appear to be more risky to the bondsman and collateral can be requested. Things that can make a bond appear more risky include: prior failures to appear, weak ties to the community and the severity of the case to name a few.

Collateral is defined as "Something of value given by, or on behalf of, the principal to protect the surety from loss. Many people have questions about. Why would I need collateral, what happens to my valuables while he has them, will I ever get it back and why wouldn’t I get it back. Hopefully this will answer most of your questions
 The first questions people ask is "why do I need to give collateral?" Well, that’s simple. Collateral is to make the defendant want to go to court and hold up his end of the contract so he doesn’t lose his/her things. It also make the indemnitor what to make sure that the defendant got so the same thing doesn’t happen to him if he has given the collateral.
 "What happens to by things while the bondsman has them?"
 Collateral security shall be received and held in the insurer’s name by the bail bond agent in a fiduciary capacity and, prior to any forfeiture of bail, shall be kept separate and apart from any other funds or assets of such bail bond agent. When collateral security in excess of $5,000 cash or its equivalent is received by a bail bond agent, the entire amount shall be immediately forwarded to the insurer. Such collateral security may be placed in an interest-bearing account to accrue to the benefit of the person giving the collateral security, and the bail bond agent, insurer, or managing general agent may not make any pecuniary gain on the collateral security deposited. Any such account shall be in a depository office of a financial institution located in this state. The insurer shall be liable for all collateral received. Taken from. FL. s.s 648.442

 If and when do I get my collateral back?
You will get you collateral back when the bond is discharged and the bondsman has no more liability against the defendant the bondsman has 10 days to notify you, so make sure he has your correct address, and 21 days for you to pick up you collateral.

 What happens if the defendant does not go to court?
If the defendant does not go to court, the bond is forfeited and if the bondsman cannot find the defendant. You will lose you collateral, but there is a silver lining when the bondsman converts the items to cash he can only keep the face amount of the bond. If you are arrested in Volusia County we also handle Daytona Beach bail bonds.

 This just a brief summary of collateral if you have any questions, please refer to FL statute 648 or 903 department of financial services rule 69B-221 or contact The Department of Financial Services.

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