I previously talked about Writ of Execution bonds. Today we’re going to talk about releasing that bond.
The District Court for the State of Maryland Rule 3-643B is to release property that has been levied. When a sheriff complies with the Writ of Execution that levies the property, this rule would release the levy.
The amount of the bond is generally set by the Court. It’s an amount sufficient to satisfy the judgment and enforcement cost. So, this is a much more risky bond where someone already has a Writ of Execution. The party, having their assets restrained and executed upon, goes into court, and motions for a bond amount to be set. Once set, they can then post it.
Surety companies will be looking at the financials of the corporation or individual having their assets restrained. A lot of times they are also going to require collateral.
If you have any questions about this bond or want to go into the individual requirements to get the bond or discuss strategy, please give me a call at (212) 227-7277. Again, this is for Rule 3-643B, Writ of Execution.
Neil Pedersen
PEDERSEN & SONS SURETY BOND AGENCY, INC.
15 Maiden Lane Suite #800
New York, NY, 10038
212-227-7277
neil@courtbondnow.com
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