What is an appeal?
An appeal is a situation in which you think that the judge rule incorrectly or your current lawyer is not able to present your case well and you want the higher court to rule your case.
All kinds of cases can be appealed.
If someone is sued and a judgment is rendered against him. The court found him guilty that he owes money to someone. Then he has a choice to pay off the amount or appeal the decision.
The court required him to guarantee the payment of judgment that was rendered. He will guarantee that he will pay back the amount this is called an appeal bond.
Why buy an appeal bond from the financial firm is favorable:
That third-party issues guarantee on your behalf. If you are confident that you will win the case and don't have money to file an appeal bond financial firms provide you with an appeal bond so that, it does save you from selling your house to satisfy the initial judgment pending an appeal.
Go to a reputable firm from where to get these bonds.
How do they work:
The party which is appealing the ruling needs to file a bond called appeal bond or supersedeas bond.
The bond covers the two things:
· The cost of the original judgment
· the cost of court associated with the appeal
It is to secure the party which wins the case during the proceeding of the case.it also provides them the security that if the losing party became bankrupt during the proceeding their money is saved and given to them if the court again rules in favor of them.
Amount of appeal bond:
There is a different amount of appeal bond in different countries even in America different states have different appeal bond value which varies from 100% to 200% of the amount of judgment.
Why there is a need for an appeal bond
The purpose of an appeal bond is to delay payment of a judgment until the appeal is over. The bond holds the defendant liable to the other party if the appeal fails. The appeal bond is also used to stop people from attempting unnecessary appeals, as the appellant must still pay the judgment in the form of a bond upfront, and may end up paying more in the end owing to interest, because of lawyer fees and other factors.
How to know if you should file an appeal bond or not?
Go to a dependable attorney he will tell you how many chances you have to win the case. Should you appeal or not and what are your strength and weakness which you have to work on.
Your case should have a legal base.
How to get an appeal bond?
Speak to a surety bond expert or some financial firms they will help to guide the process of how to fill the form. Once the surety is given and the premium payment has been processed, the bond will be issued. Your original bond form will come via your specified mailing method, and you'll receive a duplicate of your bond via email. If you're in a hurry, firms can offer overnight shipping.
What happens if you lost the appeal?
If the defendant is found guilty by a higher appellate court, he or she must pay the opposing party, the appellee, in addition to any court fees that may be owed. The firms from where the defendant buys an appealing bond return the collateral to the defendant after 2-3 weeks of receiving the court's Order to Exonerate Bond notice if the defendant wins the appeal.
Can we cancel the appeal bond during the ruling?
An Appeal Bond must be in place until the appeal process is completed and the defendant is released from the surety bond requirement by the court order only not on the wish of the appeal.
Advantages of an appeal bond
It is in the defendant's and plaintiff's(appealing) best interests. The appellant utilizes a superseding bond to prevent the judgment from being carried out, which means that the appellant does not have to pay the entire amount of the judgment until the appeal court rules.
In addition, a surety bond eliminates the requirement for collateral. If the appealing party can afford the bail, the plaintiff, or the person to whom the money judgment is granted, is fully protected and guaranteed payment.