When you are faced with a sudden arrest, perhaps due to an accident that you caused or an actual felony committed, you would need to post bail. For many people, it’s not easy to produce the required amount immediately.
In these cases, they need to avail of the services of a bail bond agent. In Salt Lake City or other major cities, you need to learn what items are considered acceptable as collateral. It would also be helpful to know about the terms and conditions needed to avail of their services.
Why You Need Collateral
If you’re facing the possibility of incarceration, you need to do everything you can to gain back your freedom. You’ll need to call your family or friends, and request them to lend you the bail money. But, what if no one has the amount you need? An agent can help you if you do not have enough funds on hand. The bail bond agent may suggest that you use the properties you own or any goods of value that you have as collateral.
Property or Real Estate
Properties such as real estate are the most common collateral used, with some celebrities using it for their bail. Real estate has high value, usually larger than the amount of the usual bail bond. Most agents accept this bond, but you risk losing the property if you do not comply with the conditions for bail. This is because bail bondsman needs to recoup the money that he shelled out for you.
A common condition for the bond agents is that the property has to be owned. The mortgage has to be fully settled before it can be considered as acceptable collateral.
Cars and Vehicles
Another common option for bail bond collateral are cars and vehicles. Since mortgages are usually on a longer term, reaching up to 30 years in term, these are often a more viable alternative. Just as it applies for real estate property, the vehicle should be fully owned, and any loan must be settled before it can be accepted as collateral.
While a car is the most common, other vehicles can also be considered as long as it is properly documented to be your own. Motorcycles, boats, snowmobiles, trucks, and tractors may be accepted. Most of these would also have considerable value, and agents would readily accept them as collateral if the conditions are met.
Another possible item for collateral is jewelry. Even if you do not have an entire collection of diamonds and pearls at home, you can use your wedding ring, class ring, or even your championship ring.
In general, jewelry does not depreciate that much, so more bondsmen accept them. Gold and diamonds are usually the top items, but some would consider most precious stones and even high-end watches.
Bonds agents will try to find a way to accommodate your needs. They will probe all the properties that you presented and accept what they can. At times, even guns and firearms are accepted, as long as their value can be established.
Collateral is just one method of paying your bail if you do not have cash on hand. The terms of bail still apply, and the property would be repossessed or foreclosed if you fail to comply.