Court Surety Bonds
Court Bonds are required in many court proceedings to ensure that one is protected from possible loss as a result of the outcome of the proceeding and NFP Surety provides court sureties bonds Nationwide. Court bonds are guarantees required by courts at various points in legal proceedings. These include appeal bonds, lis pendens bonds, injunction bonds, cost surety bonds, administrator bonds, lost note bonds, stop notice bonds, release of lien bonds, attachment bonds, etc. There are many types of court surety bonds required by federal, state, county or municipal courts. A few examples of commonly requested court bonds are explained below.
Court Bond Definitions
Probate bonds are often referred to as fiduciary bonds, guardian bonds, guardianship bonds, or trustee bonds. A probate bond is provides a safeguard that the executor of an estate will distribute an assets and property of the estate according to the wishes of the will of the deceased, or, if there is no will, in accordance with the jurisdiction’s laws. If the individual is still living but is incapacitated, the surety bond protects the individual’s assets from being misappropriated by the guardian assigned to that individual.
Injunction bonds are required by a plaintiff that is held liable for damages in the event of a false injunction. This bond generally protects the party who is wrongly accused by a plaintiff and suffers financial loss. This bond is also commonly referred to as a TRO bond or a temporary restraining order bond.
Replevin bonds are given by a plaintiff who is claiming ownership of property in the hands of the defendant, or a legal right to possession of said property. A replevin action states a plaintiff’s claim of legal right or ownership of the property and entitlement of immediate possession of the property in question.
Attachment bonds can be requested by either a plaintiff or a defendant. An attachment bond can provide indemnity to a defendant against loss or damage if the court decides on the grounds that the plaintiff’s claim did not exist. A defendant may request an attachment bond to discharge an attachment by filing the bond with the court in lieu of any judgment that may be rendered against them. A plaintiff may use an attachment bond to take a defendant’s property into custody by court order until the trial decides the merits of the case.
Appeal bonds generally supersedes or stands in place of a judgment until the courts ruling. This type of bond is also often referred to a supercedeas bond.
Replevin bonds are filed by a plaintiff who is claiming ownership of property or a legal right to possession of said property that is in the hands of a defendant. Replevin bonds, also commonly referred to as claim and delivery, detinue bonds or forthcoming bonds, have to be filed by the plaintiff to secure possession of the property in question. The replevin bond also ensures the return of the property, or its value plus damages, if the replevin is found to be wrongful.
Mechanic’s Lien bonds are filed by a third party, generally for amounts due for labor and materials for renovations or construction of real property. Until the case is decided, the owner of the property can have the lien discharged by filing the bond with the court. It could be that the owner may ultimately have to pay the claim and seek recourse against a contractor, depending on the findings of the court.
NFP Surety can assist you with all your court surety bonding needs!