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Quaid Bond Money Controversy

Written by KEYT Anchor

Story Created: Nov 9, 2011 at 6:42 PM PST

Story Updated: Nov 10, 2011 at 2:07 PM PST

Santa Barbara - Time is quickly running out for the local bond company that put up $1 million for Randy and Evi Quaid.

If the couple does not show up in a matter of days, that money could be forfeited.

According to court records, Santa Barbara Bail Bonds put up the money for the Quaids. Originally, the bond company had until Nov. 10 to produce Randy and Evi or forfeit the money.

However, at a court hearing on Monday, the bond company made a motion to get its money back. That hearing has been continued to Nov. 21.

If the Quaids remain in Canada and continue to be no shows, Santa Barbara Bail Bonds could lose all of that money. However, there is a chance it could get the money back.

"There are very specific procedures that have to be followed before a bond can be forfeited and if these procedures weren't followed exactly, the bond company may be entitled to the return of their bond," said Santa Barbara Senior Deputy District Attorney Lee Carter.

Regardless of whether the bond company gets its money back or not, after the court hearing it will likely lose its financial incentive to continue going after the star couple. But that doesn't mean they will get a clean slate.

"They are not off the hook, the charges are still pending against them, the warrants remain out for their arrest, but once the bonds are either exonerated or forfeited, the only ones still trying to get them back are the District Attorney's office," Carter said.

So what happens to the $1 million if the bond company is forced to give it up? It goes to Santa Barbara County, money that could be used to help pay down the deficit.

"Certainly it would be a welcome funding source to help our gap, if they come to us, I'm sure the board will have a very detailed discussion about how to best utilize those funds," said Chandra Wallar, C.E.O of Santa Barbara County.

Santa Barbara Bail Bonds declined our request for a comment and all attempts to contact Randy and Evi Quaid were unsuccessful.

KEY News Reporter Scott Hurst has the story.
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