What is a Cash Bond?
When you’re caught in the web of legal proceedings especially in terms of acquiring a bail, you are sure to come across the term “cash bond”.
When a person is arrested as a suspect based on the crime committed, the legal proceedings may appear to be quite complicated and tedious. However, the person who has been arrested does stand a chance to live outside the walls of a cell after the first hearing. The court decides whether the person could be granted a bail or should be kept in police custody. If the court grants a bail, it usually demands for a reassurance in the form of financial or other collateral that the defendant will appear in the court on the days of the hearing.
What is a Cash Bond?
It is possible that a suspect may lack considerable knowledge about the term. Hence, before gaining knowledge, it is necessary to understand the circumstances in which the term may come to use.
In general, a cash bond is a kind of arrangement wherein a person or a group gives a determined amount of money to another person or group to secure the fulfillment of a commitment. If in any circumstance, the depositor fails to fulfill the desired commitment, the latter would benefit the deposited money.
Cash Bond as Financial Assurance
A cash bond is however, typical in a case of legal dealings wherein you’re suspected to have committed a serious crime. This comes in to play when you plea for a bail to the court, hence, it is the financial assurance that the court demands. There are variations in the processes in which you can pay to the court for your bail. However, the type of bond is decided by the court and you are required to comply with the norms of the legal procedures prior to and after the bail. When the court demands for a cash bond, the defendant needs to pay the full amount to the court in hard cash.
How Does a Cash Bond Work?
Cash bonds are usually desired from those defendants who can pay huge cash amounts for their bail. In this regard, the court would not accept any form of collateral or a bond that is secured by equity in property. If, for instance, you’re charged with a cash bond of $10,000, you would need to pay the complete amount in cash or through any direct and secure payment medium such as credit or debit cards in exact value.
Most jurisdictions demand for an exact payment as the court would not provide you with change for excess paid cash. On paying the court with the desired amount, you will be granted a bail for the interim.
Bond Paid by Family or Friends
Cash bonds can also be posted by a family member of the defendant, a friend or a bondsman who offers cash-bond services. However, the third person needs to ensure that the defendant attends his/ her hearing on the scheduled dates for the cash bond would otherwise be forfeited by the court or the authorized entity. Once the cash bond is forfeited, there would be no reimbursement initiated by the court or the authorized entity to the person who has paid for the bail. Also, the amount would be a property of the town, county, city, or state.
Cash Bond Based on Severity of Crime
A cash bond can be demanded by the court based on the type and severity of the crime committed. Though, the most usual circumstances for the issue of a cash bond are unpaid fines, arrest on an out-of-jurisdiction warrant, compensation on losses caused by the defendant in a case, and failure on the defendant’s end to attend the court on scheduled hearings.
What Happens to the Bond Once the Trial Ends
The first hearing would usually pose counter statements as to why you should receive a bail. Once the court declares the issue of the cash bond and grants you bail, you would need to follow the norms laid down by the Bail Act that conforms to your jurisdiction.
Bond Refunded if Exonerated
In most cases, the court may also declare that you pose “flight risk” and hence you would not be allowed to fly over to a place during your bail period. Once the trial starts, you would need to attend all the hearings or as and when desired by the court upon which the sentence will be served. If the court finds you to be innocent, it will exonerate the bond and refund the amount of the cash bond to you or to the person who paid for your bail. On the contrary, if the court identifies you as guilty of the crime, it will exonerate the bond but may not refund the money or deduce a percentage from the cash.