This was a new term of legal art for me. But, they say you learn something new every day. I’ll let Wikipedia explain:\
After litigation and a civilcourt ruling, the losing party can appeal against the judgment. At this point, both the plaintiff and defendant could have similar kinds of concerns. An appeal takes time and can be dragged out in some cases for many years. After the case (and any other processes) are finally decided, whichever party wins will perhaps be more “out of pocket” from its costs. Also time will have passed, and the losing party may be bankrupt or have used the time to frustrate any potential future payments in the event of losing.
Therefore, it is often either a requirement of the law, or a possible point in a ruling, that prior to commencing its appeal processes, the losing party must provide a surety bond – money it pays to the court or a third party, to demonstrate its good faith, intention and commitment to meeting the ruling if it loses, and in some cases to show that their appeal is not frivolous or merely a tactic to delay or avoid payment. This is known as a supersedeas (or “appeal”) bond, and shows that they can and will cover the damages or fees awarded – including any additional costs of the appeal.
The bond may not be – and often is not – the exact value of the ruling. In some cases it is significantly larger since it is planned to cover interest or other costs which may arise on appeal.
A supersedeas bond is often paid in full – and may be handled via insurance or underwriting in some cases.
What are some of the advantages of a supersedeas bond?
Obtaining a supersedeas bond may appear to be judicial red tape; however, it serves the best interest of the defendant and plaintiff. The appellant uses a supersedeas bond to stay the execution of the judgment, meaning appellant does not have to pay the full amount of the judgment until the appellate court makes a ruling and then only if the ruling is to affirm the judgment. A surety bond also replaces the need for collateral. The plaintiff, or party to whom the money judgment is awarded, is fully protected by the bond and ensured payment, that is if the appealing party can afford the bond.
Appeals are NOT FREE, even for a poor, poor, judgment proof pitiful pro se pauper.
Sure hope that field goal attempt works out…*snerk*