Two Things You Can Use As Collateral When You Don’T Own Property
Sometimes bail companies requires applicants to provide collateral to secure the bond. While it's true that most prefer real property (e.g. home, car) that can be sold to pay any money the company loses should the defendant fail to show up to court, that's not the only thing a bondsman will accept. Here are two other things many bail companies will accepts as collateral for a bail bond.
Saving and Investment Accounts
You may be surprised to learn some bail companies will accept savings or investment accounts as collateral for bail bonds. For instance, if you have money in your retirement account, the bond company will issue the bond for the defendant in exchange for the ability to withdraw money from the fund should the court forfeit the bond because the defendant didn't show up for court as required.
This is a good option if you have enough money but cannot access it easily for some reason to pay the bail yourself. You have enough money in stocks to cover the bail amount, but you would need to sell them to get the cash, for example.
Be aware, though, you may have to add the company as an authorized user or allow it to put a lien on the account to use it as collateral. Be sure to revert those changes as soon as the case concludes and you don't need the company's services any longer.
Art, Antiques, and Collectibles
Another thing the bail bond company may accept as collateral for a bond are collectibles, such as art, antiques, rare comic books, and even musical instruments. If the value of the item covers the bail amount when it's sold, then the bondsperson will likely let you use it to back a bond for the person you're trying to get out of jail.
You will need to have the item appraised and certified that it is worth a significant amount. Additionally, you should account for fees and other costs that may be incurred if the items needs to be sold, which may reduce the amount it can be used as collateral for. If you have a violin that's worth $100,000 but it will cost $5,000 to sell it, for example, you may only be able to secure the bond up to $95,000.
Bail bond companies will accept a myriad of valuable possessions as collateral as long as the value of those items will cover any losses it sustains from securing the defendant's bond. For more information about alternative collateral options or help bailing yourself or a loved one out of jail, contact a bail bond company, like Rader Bonding Co.