Replevy Bond Law and Legal Definition
A replevy bond is generally a procedure used by a court to protect against the loss of property sought to be returned to a petitioner. Replevin is a action or a writ issued to recover an item of personal property wrongfully taken. For example, in a garnishment action, the defendant may file a replevy bond, request the court substitute property, or he/she may contest the garnishment action through a motion to vacate, motion to dissolve, and/or a motion to modify. A replevy bond is often set by the court at an amount equal to the lesser of (i) the value of the garnished property or (ii) the amount of the plaintiff's claim plus one year's interest and estimated court costs. Procedures for filing a replevy bond vary by jurisdiction, so local law should be consulted.
