After the police arrest him, if the defendant desires, he can apply for bail for release from jail till his trial. If the judge agrees, he will allow bail, which is essentially a specified amount the defendant needs to pay the court on the understanding that he will appear before it on the scheduled dates, failing which, he can be re-arrested and the bail money forfeited.
Bail Amount and Options
If the judge grants bail, the defendant can post the bail in cash and obtain his release. If he does not have the ready cash, he can arrange to post bail through a licensed bail bond company or agent that issues the court a bond guaranteeing to pay the court the bail amount in case the defendant fails to appear before it as scheduled for the trial.
Bail Bond Collateral
If a bail bond company is posting post bail on your behalf, it will charge fees and ask you to put up collateral to secure your bail. Collateral is some tangible and valuable asset that acts as a security to the bail bond company that they can liquidate to pay the bond amount to the court in case the court cancels the defendant’s bail due to any reason.
Different Types of Bail Bond Collateral
Real estate: If the defendant is the primary owner of the property or a building with a value equal to or more than the bail in Henry County, he can offer it as collateral with the help of Apex Bail Bonds. Other legal owners of properties can also provide the collateral, but the property must not be under a mortgage. The legal title of the property will remain under the bail bond company’s lien until the release of the bail bond.
Automobiles: According to Investopedia, the defendant can offer any kind of vehicle, like cars, bikes, boats, trucks, tractors, etc., as collateral as long as he is the legal owner. The vehicle can remain in the defendant’s possession, but the bail bond company will hold its title and can recover and sell it if the court cashes the bail bond.
Valuables: The defendant can also offer valuables with high liquidity, like electronics, jewelry, art, watches, etc. The bail bond company may require you to provide ownership documents, certificates of authenticity, or an appraisal certificate to establish their worth. The defendant may need to hand over these items to the bail bond company.
Stocks and bonds: The value of the stocks and bonds has to be significantly higher than the bail amount for the bail bond company to accept them as collateral. The defendant will need to submit the investments to the bail bond company.
Credit card: For a credit card to be accepted as collateral, the defendant’s credit limit must be greater than the bail sum. The defendant will also need to reveal the authorization code to enable the bail bond company to charge the bail amount to the card if need be.
Conclusion
While most bail bond companies accept the above types of collateral, the defendant should check what is acceptable to the bail bond company he is engaging.
