George Zimmerman was just released after he posted a one million dollar bail bond. His release surprised me because that is a high bond amount. Apparently Mr. Zimmerman has a lot of “friends” who helped fund this undertaking. Posting a million dollar bond normally costs the defendant 10 percent or $100,000.00. This fee is earned by the bond company as soon as the defendant is released from jail. In addition, and more important to the bond company is securing the bond should the defendant fail to appear in court as ordered. If the defendant does not go to court, the bond is ordered forfeited by court. In California, 180 days after the bond is forfeited, if the defendant has not been brought to court or jail, the bond company has to pay the entire bond amount.
Thus, the bond company should be more concerned about securing their million dollar bond than they should be about the $100,000 fee. Normally a bond like this is secured by real estate although any collateral of equal or greater value would be sufficient.
As for Mr. Zimmerman’ bond, it sounded to me like the judge felt this defendant was a flight risk. If that were the case, the bond company would be smart to be holding a lot of collateral to cover the full amount of this bond. I sure wouldn’t want to have to pony up a million dollars if Zimmerman decided to skip town.
If you have questions about bail or any other criminal defense issue just ask me:
www.4criminaldefense.com or vallenslaw@yahoo.com or (818) 783-5700