Opinion
3:08-CR-485 (TJM/GJD).
August 25, 2008
ORDER
Presently before the court is a request to post property to satisfy this court's oral order requiring $50,000 cash bail as security for defendant's release.
The papers received by the clerk seem to indicate that there was $50,000 in equity in property offered by the surety. However, public records from the Taxing Authorities show that the property is assessed at a much lower value than the value given by the surety. The Federal Public Defender has stated in a letter dated August 25, 2008 that a professional appraisal has been done which gave a higher appraisal value. This appraisal was done approximately five years ago. The court will consider allowing the property to be posted as security, however, any appraisal must be current, and the appraisal must show a fair market value at least $50,000 more than the outstanding debt.
Defendant's application through a surety to utilize the surety's property for security is hereby DENIED without prejudice to a renewal on further, more current information.