Court bonds, also referred to as judicial bonds or court surety bonds, may be required during legal proceedings. The bonds are designed to protect an individual and his or her assets until court proceedings are completed.
Court bonds may be required during certain legal proceedings. The bonds typically provide some form of financial recourse as a protection for one of the involved parties to the legal proceedings. For example, in the case of an Executor Bond, the executor of the estate may be required to get an Executor Bond. If the executor mishandles the assets of the estate, the beneficiaries of the estate could claim on the bond to help remedy the situation or persuade the executor to take corrective actions.
"Court bond" is an umbrella term that covers many different types of bonds. Some of the most common court bonds include:
Another type of court bond are probate bonds, which are designed to protect individuals against losses due to a fiduciary's failure to complete tasks and obligations according to the law.
Common types of probate bonds include:
Court surety bonds are considered more risky than some of the other bond types. This can be reflected in the cost of the bonds as well as the terms. Court bonds are typically quoted within a wide range of less than 1% up to 10% plus. The credit and financial strength of the principal, the person required to be bonded, are the primary factors in determining the cost.
Some sureties require judicial bonds to be collateralized in order to help mitigate some of the risk. This again will vary depending on the type and amount of the court bond being sought, but collateral is a common requirement when it comes to court bonds.
At Viking Bond Service, we provide court surety bonds nationwide. We have over a decade of experience providing all types of court bonds for our clients, and all of our surety bond agents are ready to help you get the bond you need.
Quotes are available for clients with low credit. In many cases, a bond is not out of reach simply due to bad credit.
Viking can quote your Auto Dealer Bond within 24 hours. We provide great rates and accept good and bad credit.
Performance Bond processing is typically more involved than Commercial but they still work basically the same. Learn about how Performance Bonds work.
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