This is a video explaining how to account the issued bond at a discount using the effective interest rate method for bond discount amortization.
In this article, we will discuss how to identify the different type of bonds.
WHAT ARE THE 5 DIFFERENT TYPES OF BONDS?
#1: CASH BONDS
It is a bond posted in person and in cash in a full amount at a jail or facility where the defendant is currently being held. Cash Bonds can be paid in any amount size as long as the defendant can afford it. The cash bond has been considered to be the easiest bond since it that can be posted for as long as the bail bondsman can generate the funds for the bail.
How Does a Cash Bond Works?
When the bond is paid in cash, the funds paid will be released back to the person who posted it and when the case has been completed, the amount of any court fees will be deducted, plus any extra cost and any possible restitution.
#2: WARRANT BONDS
This bond is being paid on the actual warrant before the defendant had to be arrested. An advantage of a warrant bond is to avoid spending time in jail.
How Does a Warrant Bond Works?
If a person has an active warrant, he/she can hire a bail bondsman to go along with him/her as they turn themselves in and while he/she is being processed the bail bondsman can post the bail. Once the booking, intake, and release have been processed, the defendant is already allowed to leave. The warrant bond will remain and will only be released once the defendant’s case has been dismissed or completed in court.
#3: PROPERTY BONDS
Property Bond is a bond that has been secured with a property that has a substantial value like a home, boat, real estate, vehicle, jewelry or a certificate of deposit. The value of the property is being used as collateral and must at least, one and a half time value of the bond’s total amount.
How Does a Property Bond Works?
If the property is sold to cover the amount of the bond, the money left will be returned to the co-signer. Before any piece of property can be used as collateral, it must be investigated if it’s cleared and free.
#4: IMMIGRATION BONDS
Immigration Bond is a bond applicable for people who have a visa or green card arrested by Immigration and Customs Officers. It is needed to obtain an immigrant’s release while under any case though the bond amount of an immigration bond cost high amount.
How Does an Immigration Bond Works?
If an immigration bond is granted, any person with legal citizenship can schedule an appointment at Local Immigration and Customs Office to pay the amount of the bond. This can be done either by phone or by calling the ICE office that accepts the immigration bond. It is wiser to hire a bail bondsman to post the bond since this bond cannot be paid by cash or personal check.
#5: SURETY BONDS
Surety Bond is a bond posted by a bail bondsman that has been applied by a co-signer with a bail bond service with a premium payment of 15%. The 15% premium of the total amount can be paid in different ways such as cash, cashier’s check, money order, credit card or secure with the property. When you a bond is called Premium, it means this bond is non-negotiable and non-refundable.
How Does a Surety Bond Works?
When a surety bond is issued, the court will keep it until such time the case has been dismissed or completed. Either it is dismissed or completed the court then will release and return it to the person who paid the bond. The bail bond will be forfeited if the defendant won’t comply with the court order issued. The bond will be forfeited if the defendant won’t show on the date of hearing the judge may allow the bail bonds agent to a certain amount of time to return the defendant to jail and if the defendant will not be in jail for the duration of given time, the court will forfeit the bail and make the total amount due and owing. Bail bond service will pay the total amount to the court and collect the amount to the co-singer that will include any damages and extra fees.
Depending on the type of case the person is into, these bonds are ways for them to stay out of jail before the first court hearing. As convenient as it is, the bail bond can also be denied if the offense is considered as a capital crime and the court finds the defendant as a high-flight risk.