I re-listened to the hearing last night and to my ears, the Judge said/ruled either cash surety
or property bond required for BM to bond out.
***skip down to Property bond info/requirements of Colorado courts if you’ve had enough of cash surety bond discussion lol)
Cash surety bond:
Per the research/reading I’ve done these past few days r/t different types of bond (there’s plenty of info found online) to my understanding-
IMO if BM goes cash surety route, he has to pay a non refundable fee to the bond company which is percentage of 3mil (usually 10% so 300k) which he and/or whoever pays the fee, will not get back.
In addition to the fee, he
may have to put up collateral valued at or which has combined value of 3mil. Collateral can be in his name and/or a co-signer’s which can be family or friend etc. Property, vehicles, valuables are acceptable forms of collateral.
Once the bond company fee is paid and collateral verified, the bond company pays the court the full bail amount, in this case- 3mil.
Some bail bond companies may not require collateral but usually do in high profile cases with high bond amounts and defendant is a flight risk. (BM meets most of this criteria imo).
It’s really up to the bond company on a case by case basis if they decide to require collateral or not. If they don’t and the defendant doesn’t appear for hearing or flees aka bail jumping, bond company is taking a huge risk as they’ll be on the hook/will not get the full bail money they paid on defendant’s behalf back from the court. They can and in most cases likely will enlist bounty hunter(s) to track defendant down if they don’t appear for hearings and/or flee. If found, defendant will be escorted back to jail.
If collateral is required by bond company and put up, it’s returned to the party(s) contingent upon the defendant showing up for hearings and meeting all other requirements and court will return full amount of bail to the bond company.
IMO the above is pretty standard requirements of most bail bond companies. There are some bond companies out there offering exceptions from the standard that might be willing to negotiate and accept less than 10%-15% fees and/or not require collateral.
And in some cases, if the defendant, family or friend doesn’t have cash available to pay the fee, may offer payment plans for the fee with a co-signer that has excellent credit.
All of the above takes time to process. Companies not requiring collateral may take a little less time imo.
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Below info is what Colorado requires if defendant decides to use Property bond pulled from CO Judicial Branch website.
As you can see, there’s quite a bit involved/required (likely takes a little more time than going the cash surety route) takes time to gather and submit to the court. Also note
BBUM, property must be real property and located in Colorado:
Property Bonds
About Property Bonds
General Information
- All parties whose names appear on the deed as owners must be present to post a property bond. If a party on the deed is deceased, a death certificate is required. Appearing for someone under a power of attorney must first be approved by the court.
- All parties must provide a valid photo ID.
- Property must be real property (no vehicles or mobile homes) and must be located in the State of Colorado.
Documents Required
The following is a list of documents and information required to post a property bond:
- Current Tax Notice or Notice of Valuation of the property from the County Assessor showing the assessed value of the property. If the property was purchased in the last 12 months, a Tax Notice may not exist. If this is the case, copies of the recorded Deed and closing papers are required.
- Letter from the mortgage company on company letterhead or a notarized statement from individual to whom the mortgage is owed, including a current pay off amount of the loan dated no more than 35 days before the date the bond posted. If the mortgage has been transferred to another lending institution, written documentation of the transfer is required.
- Evidence of Title issued by a title insurance company within the last 35 days.
- Owners and Encumbrances certificate issued by the title insurance company and dated no more than 35 days prior to the date the bond was posted. The certificate must include all liens or encumbrances against the property, or a statement that there are no liens or encumbrances against the property.
- Deed of Trust naming the Clerk of Court as the beneficiary. The deed must be completed and acknowledged (recognized) by all property owners of record.
- Some locations may ask for a warranty or Quit Claim Deed, either the original or a certified copy, and the most current paid property tax receipt.
Equity Required
- Unencumbered equity must be 1.5 times the amount of the Bond. This amount is the value of the property minus any amount owed on the property. For example, if the Bond is $20,000, the unencumbered equity in the home must be at least $30,000 ($20,000 multiplied by 1.5).
- Note: $60,000.00 will be deducted from the equity of the property under the Colorado Homestead Exemption. However, the property owner(s) can sign a waiver to avoid this amount being deducted from the equity, if desired.
Associated Fees
The person posting the property bond must pay the recording fees. See
§30-1-103 (1), C.R.S. for fee amount.
Fees:
The entire amount may be paid in cash; however, if paid by check, 2 checks must be written:
- One check payable to the Clerk and County Recorder for the recording fee (based on the number of pages) plus the surcharge.
- One check payable to the Clerk of Combined Court for the Request for Release fee or the Release fee. (This fee may be higher if you are filing with the Public Trustee; check with your local court for more information.)
After the Bond Is Released by the Court
When the Bond is released by the court, a Release of Deed of Trust will be mailed to the property owner via certified mail. It is the responsibility of the property owner to take it to the Public Trustee for the county in which the property is located and request that the lien be released.
www.coloradojudicial.gov
*believe me I’d like to see BM not able to bond out/stay put in county lockup. Time will tell…tick tock…
IMHOO
#JUSTICEFORSUZANNE
ETA-spelling
