What is Collateral? - Cutting Edge Bail Bonds
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What is Collateral?
Items that are considered good collateral:
Unencumbered Real Estate. Items of major collateral such as a car, boat, motor home, etc. are deemed good, but must be surrendered to the bail agent who will hold them in secure place. These items are normally valued at their current resale value, not what you originally paid for them. Personal items of high value such as jewelry, firearms, computers, cameras, stereos, etc. can be used as collateral, but like items of major collateral, must be surrendered to the bail agent who will hold them in a safe or other secure place. These items are normally valued at their current resale value, not what you originally paid for them.
Items that are not considered good collateral:
A house that you are still paying a mortgage on. We can do this, but it takes some time. Any item (such as a car) that you have purchased on credit in which the lender holds the title and you make payments to.
You will get your collateral back upon completion of the court case.
This happens when the charges are dropped, the person is found innocent at trial, or the person is sentenced to probation/jail time. Of course, the collateral will only be returned if there is no outstanding balance due on the premium. The bail bond agent has a fiduciary (formal legal) responsibility to safeguard all collateral.