Collateral for a bond is just like collateral for any type of loan. It is a type of asset that has value. It is held by the bail bond company as a form of insurance. When the defendant appears for court and fulfills his or her promise to appear at all court events, the bond company releases the collateral to the defendant or the individual putting up the bond.
If the defendant does not appear for court, or fails to appeal for all hearings, the bail bond company can retain the collateral. This is true even if the collateral was put up by a friend or family member. This is a serious consideration that anyone should understand if they choose to sign as an indemnitor or guarantor on a bond.
Possible Forms of Collateral
There are different ways that people can provide collateral to Sanctuary Bail Bonds. We know this can be difficult with high bail amounts, and we work with the individual and family to create a solution whenever possible.
The most common items used for collateral include high-value items. This includes real estate, cars, quality jewelry items, and high-end electronics. We also accept credit card payments, cash, and firearms as forms of collateral. Any collateral must be in the individual’s name or the person putting up the items for the bond. Titles are required for real estate property or cars used for collateral.
In some cases, defendants may also qualify for financing of a bail bond. To discuss your options, talk to a bail bond agent at 602-224-5247.