Home
| Work & Business
| Investments & Stocks
| Bonds
| What is a Bail Bond Indemnitor?
What is a Bail Bond Indemnitor?
by Angela Atkinson
-
Overview
What is a Bail Bond Indemnitor?
The concept of bail as we know it today is fairly unique to the United States, since most other developed countries have other incentives in place to ensure that those accused of crimes show up for their day in court. In fact, the first recorded bail indemnity business was opened in the United States in by Tom and Peter McDonough in 1898.
-
Identification
A bail bond is also called a surety bond, which is one involving three separate parties. In this case, the first party is the defendant or person accused of a crime. The second party is the court or other law enforcement agency which has determined that this defendant should be tried for the crime. The third is the bail bond indemnitor. Simply put, a bail bond indemnitor is the person who cosigns a bail bond. The bail bond indemnitor is then legally responsible for ensuring that all premiums related to the bond are paid.
-
Features
Once a defendant has been arrested and processed at the police department, he is placed into a cell to await arraignment. Arraignment is when the court formally reads the defendant's charges and he is given the chance to make his plea of guilty, not guilty, or no contest. If the defendant pleads guilty or no contest, the judge will either issue a sentence or set a date for sentencing. If the defendant pleads not guilty, the judge will arrange for a trial date. Since the trial may be weeks or months away, the judge will, in some cases, determine that the defendant is responsible or trustworthy enough to set bail. This means that the defendant can remain free until his trial date, so long as the bail is paid.
-
Effects
Because bail fees are often more than a defendant can afford, professional bail indemnitors, also called bail bondsmen, are available to help. In most areas, a bail bondsman is available to help twenty four hours a day, seven days a week. In fact, most bail bondsmen carry a pager or cell phone so that they can remain on call even when they're out of the office. Most bondsmen have a standing agreement with the courts in their area to provide a "blanket" bond. This type of bond will pay the required fees for any defendant (for whom the bondsman is responsible) who doesn't appear in court.
-
Function
Bail bondsmen are most often not independently wealthy. In fact, most are connected directly to an insurance company or bank by a special arrangement which allows them to obtain credit at any time of the day or night. This allows the bondsman to bail out his clients at any time. Bondsmen usually charge a ten percent fee (based on the total amount of bail due) which is non refundable. This amount is kept as payment for the bondsman's services. In fact, many courts have developed a similar arrangement---allowing defendants to post ten percent of their bail directly to the court for release. This practice has significantly decreased the use of bail bondsmen.
-
Considerations
If a bail amount is particularly high, the bondsman may choose to place a lien against the defendant's assets if the defendant cannot pay the ten percent required. For example, if the defendant owns a home, the bondsman may require the defendant to hand over the title until the trial is complete. If the defendant fails to pay the amount owed, the bondsman is within his rights to obtain a mortgage on the property, which the defendant is responsible for paying. If the defendant fails to show up in court for any reason, the bond indemnitor will be required to pay the full bail amount. When this happens, many bondsmen hire bounty hunters, who will find and capture the defendant for a fee. The bondsman is also legally allowed to sue the defendant for any monies lost due to the defendant failing to stand in court.