Posts Tagged ‘attachment bond hawaii’

If you seek attachment as a prejudgment remedy a Hawaii attachment bond will be required to protect the opposing party.  Pursuant to Hawaii Statutes – Section 651-4, before a writ of attachment can be ordered the plaintiff must execute and file with the clerk of court a surety bond (undertaking) in a sum at least double the amount for which the plaintiff demands judgment. A bond is NOT required when the plaintiff is the State or any officer or agent of the State or any municipality suing for its use or benefit. The Hawaii attachment bond guarantees that the plaintiff will prosecute his or her action without delay, and will pay all costs that may be adjudged to the defendant, and all damages which the defendant may sustain by reason of the attachment, not exceeding the amount specified in such bond.  If the court determines that the defendant was wrongfully, oppressively, or maliciously sued or in case where the defendant declares bankruptcy then the Hawaii writ of attachment bond also guarantees payment of all charges, damages, and expenses incurred by any police officer by reason of the attachment.  The surety bond must be issued by a corporate surety company licensed to do business in Hawai’i however the clerk of court has the ultimate authority to approve or disapprove sureties, pursuant to Haw. Rev. Stat. §78-20.  There is an exception to the penal sum of the Hawaii attachment bond. Subject to section §651-5, in acase where the amount for which the plaintiff demands judgment is in excess of $50,000, the court may, upon motion of the plaintiff enter an order permitting a bond in an amount less than the amount of twice the judgment provided that the bond cannot in any event be less than an amount equal to one and one-half times the value of the property of the defendant proposed to be attached.  If the plaintiff moves attached assets outside of the state, the statute allows the defendant to move the court to increase the Hawaii writ of attachment bond amount. If in consideration of said motion the court is not satisfied with the bond arrangement or that the surety is not sufficient, the attachment may be vacated and restitution directed of any property taken under the attachment unless in a reasonable time ordered by the court, an increased bond is given by the plaintiff in such amount and form as shall be approved by the court.

Hawaii surety leaderSurety One, Inc. is THE most agile and service-oriented underwriter of judicial bonds in the nation. Our experience in manuscripting judicial bond forms, same day underwriting, immediate bond execution and delivery are unmatched. NO ONE has the underwriting authorities that we do.  Visit http://www.SuretyOne.org, call (787) 333-0222 or (800) 373-2804, or email Underwriting@SuretyOne.org for application materials and assistance with your Hawaii attachment bond need.

10 Jun 2013

Hawaii Attachment Bond

By C. Poindexter