Florida Appeal / Supersedeas Bonds
Surety Bond Professionals is a family-owned and operated bonding agency with over 30 years of experience. With access to a broad range of surety markets, our expert agents are ready to assist with all of your Florida appeal/supersedeas bond needs.
What Are They?
Florida appeal/supersedeas bonds are a type of court bond ordered for a specific purpose in the context of a civil case. They are also referred to as appeal bonds. This is because appellate courts require them to order a lower court to refrain from executing judgment pending a ruling on an appeal filed by the defendant in a civil matter.
A supersedeas bond serves two important purposes:
- It ensures that funds will be available to pay a judgment that’s under appeal should the defendant lose the appeal.
- It is a disincentive for filing an appeal for the sole purpose of buying time before having to pay a judgment ordered by the trial court, thus deterring frivolous appeals that waste the court’s resources.
Florida allows two weeks from the date of the trial court’s judgment for a defendant to post a supersedeas bond and file an appeal. After that deadline has passed, the judgment can be executed and the defendant’s property can be seized.
Who Needs Them?
Only defendants filing an appeal in a Florida court are required to purchase a supersedeas bond. Typically, the required bond amount will be the same as the judgment amount, plus whatever it will take to cover court costs, legal fees, and interest that accrues on the judgment amount while the trial court’s decision is under appeal. The maximum supersedeas bond amount that can be required in Florida is $50 million. Because of the low likelihood of a successful appeal, the surety typically requires supersedeas bonds to be fully collateralized. The bond must remain in place until the appellate court has made a decision on the case.
Speak with a Surety Bond Professionals agent today to discuss your bonding needs.
How Do They Work?
If the appellate court rules against the defendant, which is most often the case, the original judgment will stand, and the surety will use the collateral to pay it. Once the judgment and all additional court costs, legal fees, and interest have been paid, the trial court will discharge the supersedeas bond.
What Do They Cost?
The requirement for supersedeas bonds (mostly) to be fully collateralized makes the risk to the surety relatively low. The annual premium for a Florida supersedeas bond is a small percentage of the required bond amount established by the appellate court. A fully collateralized bond could result in lower premium of 1-2%. A deal that is accomplished with lesser collateral could be closer to 2.5%-3%.
The surety sets that percentage (the premium rate) based on the principal’s financial strength predominantly, as well as personal credit score. The more creditworthy the surety deems a bond applicant to be, the lower the premium rate the individual will pay.
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Our surety bond professionals will get you the Florida supersedeas bond you need with the most competitive terms.