2007-03-14 15:53:40 · 5 answers · asked by jackie s 1 in Business & Finance ➔ Insurance
The bondsman pays the court - but likely, before they issued the bond, they had someone - either the bondee, or a close relative - post some kind of security - like a note on their house, or the title to their car.
So, if the bond becomes forfeit, so does the property of the bondee's mother/sister/wife. Pretty crappy thing to do to someone you love.
2007-03-14 16:24:47 · answer #1 · answered by Anonymous 7 · 0⤊ 1⤋
A bond is a financial guarantee that you will perform (or show up.) Lets say the court sets bond at $100,000. This means you can leave provided some one posts $100,000 cash or bond that would be forfited if you do not perform (show up.)
Most people don't have $100,000 so they go to a bail bondsman who will sell you a bond policy in the amount of $100,000 and charge 10% ($10,000) premium. They will also may require some type of colateral. You will never get that premium back as it is the cost to transfer the risk.
Say you don't show up. The court makes the insurance(bond ) company pay the $100,000. they promised to pay if you did not show up. They are not happy about that. They will try and take the collateral, hire a bounty hunter..anything to find you and bring you back to court to get their $100,000. back.
2007-03-14 19:24:11 · answer #2 · answered by california bill 2 · 1⤊ 0⤋
The bondsman will go forfeit his part he put up, the person who paid the bondsman will fofeit what ever they put up for collateral usually their house!
2007-03-14 15:59:43 · answer #3 · answered by Oneria2006 2 · 1⤊ 0⤋
The person who bonded that person. Example you set up bail the person gets out and skips town you are one sorry person.
2007-03-14 16:00:19 · answer #4 · answered by wahini on shore 3 · 1⤊ 0⤋
They both lose out.
2007-03-14 16:01:51 · answer #5 · answered by charliecizarny 5 · 0⤊ 0⤋