Nevada 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 Nevada appeal bond needs.
What Are They?
There can be some confusion about the terminology used in Nevada regarding appeal bonds. In Nevada, the type of bond you’ll need to post when filing an appeal of a civil court decision depends on whether or not you’re requesting a stay of a judgment involving the payment of monetary damages. In either case, the purpose of the bond is to protect the court, not the appellant, and ensure payment of the original judgment if your appeal fails.
Additionally, appeal bonds help deter people from clogging up the court calendar with frivolous appeals intended primarily to delay the execution of a judgment.
Who Needs Them?
If you want to appeal a civil court decision in Nevada, you’ll need to post a $500 “bond for costs on appeal.” A bond for costs on appeal will not stay execution of the original judgment while the appeal is in process. It merely ensures that all court costs associated with the appeal are paid.
To stay execution of the judgment, you’ll need to post a supersedeas bond rather than a bond for costs on appeal. A Nevada supersedeas bond guarantees that you will pay the original judgment as ordered if your appeal is unsuccessful. If the judgment is for a monetary award, the supersedeas bond must be equal to the full judgment amount plus court costs and any interest that accrues while the judgment is under appeal.
Speak with a Surety Bond Professionals agent today to discuss your bonding needs.
How Do They Work?
The surety bond agreement for a Nevada appeal bond is a legally binding contract involving three parties:
- The Nevada court with jurisdiction in the matter is the “obligee” requiring the bond.
- The appellant purchasing the appeal bond is the “principal.”
- The bonding company that approves the bond is the “surety.”
Most appeals are unsuccessful, so surety companies regard supersedeas bonds as risky and typically require them to be fully collateralized. For applicants/businesses with substantial capital, this collateral requirement may be reduced or even eliminated. When an appeal fails, the surety pays the applicable court costs directly to the court. And if the principal doesn’t satisfy the original judgment within 30 days of a failed or dismissed appeal, the surety will pay the court using the collateral put up by the principal when the bond was purchased.
What Do They Cost?
If all you need is a bond for costs on appeal, you’ll pay a small flat fee. Supersedeas bonds, however, are subject to underwriting. Because supersedeas bonds are typically fully collateralized, the bond rate will typically be lower at around 1% to 1.5%. For bonds written with reduced/no collateral, this rate may be higher at 2-3%.
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Our surety bond professionals will get you the Nevada appeal bond you need at a competitive rate.