Illinois Appeal 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 your Illinois appeal bond needs.
What Are They?
Illinois appeal bonds are one of the two major categories of Illinois court bonds, the other being probate bonds. An appeal bond is required in order to stay the execution of a civil court judgment pending the resolution of an appeal. This type of bond is also called a supersedeas bond. It applies only to monetary judgments or to the monetary portion of judgments that also include real property.
Illinois appeal bonds are a deterrent to frivolous appeals intended only to delay the execution of a judgment. They also ensure that the original judgment will be paid if the appeal fails, as the vast majority of them do. The only appeals that have a chance of success are those that are based on a procedural error during the original trial that compromised the rights of the defendant. Producing evidence that wasn’t introduced during the original trial or simply challenging the credibility of someone who testified at that trial is not sufficient grounds for appeal.
Who Needs Them?
Unless an appeal and the requisite appeal bond are filed within 30 days of the original judgment, the process of executing that judgment will move forward. The court with jurisdiction in the matter will determine the required bond amount, which may include court costs, legal fees, and interest depending on the rules in the particular district. At a minimum, the required amount for an appeal bond in a case involving a monetary judgement will be for the full amount of the monetary damage award.
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How Do They Work?
Because of the low likelihood of a successful appeal, bonding companies typically require full collateralization of Illinois appeal bonds. For applicants with very strong financials, the surety company may provide an uncollateralized deal. If the appeal fails, the appellate court requires payment of the full original judgement. The appellant will be given a certain amount of time to make good on the judgement before the bonding company will turn over the collateral to the court to satisfy the judgment.
The appellant is legally responsible for paying any court costs, legal fees, or interest in excess of what was included in the collateralized bond amount. In practice, the surety company typically will pay those costs on behalf of the appellant, who must then reimburse the surety.
What Do They Cost?
The premium for an Illinois appeal bond is relatively low because the required bond amount must be fully collateralized. Typically, the bonding company will charge a premium somewhere in the vicinity of 1 to 1.5% of the bond amount.
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Our surety bond professionals will get you the Illinois appeal (supersedeas) bond you need at a competitive rate.