Can I Use Anything As Collateral?
Collateral is not always necessary, it depends on the charge and defendant's history. Collateral is used to secure a bond. Lets say an individual has a $1000 bond and collateral is required. That means you pay the premium of $100 and put up something worth $1000+ with the bondsman and it is held for the length of their case. Once the case is finished and the bond is discharged and released, the collateral will be returned to the Indemnitor ONLY. If the defendant should miss any court date, the bond becomes forfeited, and the defendant does not attempt to work with the bondsman (See: What if I miss a court date), then you, the Indemnitor, must surrender the defendant to the bondsman, jail, or law enforcement. If that cannot be done, you may swap out the collateral with cash. If not the bondsman will liquidate the collateral into cash to pay and satisfy the court. Please remember there are many options as long as you work with the bondsman. Rest assure that when putting up collateral any reputable bonding company cannot do as he pleases with it. There are laws we must follow in order to convert your collateral and that is why we do contracts to protect you. Also, most bondsman's will do everything possible to get the collateral returned to you and would rather try every other avenue or put the defendant in jail rather than you lose your collateral. It is very rare that we have to liquidate collateral. Collateral is determined on a case by case basis.