Understanding Appeal Bonds in Albany NY
Appeal bonds in Albany NY are a specific amount of money that’s placed in holding while an appeal is being decided on. This type of bond is by the appellant who is appealing a lower court’s ruling. In most cases, it will be for the amount of the initial judgment, although there are situations when it may be more. This type of bond is also referred to as the supersedeas bond.
The Inner Workings of the Appeal Bond
After any civil court ruling is decided, the losing party has the right to appeal. This is done by taking the case to a higher court. When this happens, the higher court is going to review any issues that were objected in the lower court during the first trial. They will not look at any new evidence.
If the defendant was ordered to pay any judgment, they typically wouldn’t have to pay the money until after the appeals process is complete. However, in some cases, this is a process that could take for several years. Because there is a chance that the defendant may become bankrupt paying legal fees and other costs that are related to the case, by the time the appeals process is complete, they may have to post appeal bonds in Albany NY.
Appeal Bond Details
This is something that is required according to the Federal Rules of Appellate Procedure 7. It has to be paid into the court or to a third party. It shows good faith, as well as an intent to adhere to the final ruling if the appeal is unsuccessful. The appeal bond that is posted will also help to protect the court in a situation of a frivolous appeal or a delaying tactic.
If a person is planning to appeal a case, then they may have to post an appeal bond. Understanding what this can help a person better understand why this is necessary. Those who are looking for more information can contact the professionals as they will be able to provide additional insight about this type of bond, which is extremely important if it is needed.