Court Bonds
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.
How Do Court Bonds Work?
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.
What Types of Court Bonds Are Available?
"Court bond" is an umbrella term that covers many different types of bonds. Some of the most common court bonds include:
- Appeal Bonds: These bonds cover the amount of the judgement against a defendant and allow for a delay in payment of the judgement while the appeal process moves on. The bond is required to be in place for the duration of the appeal process.
- Plaintiff's Bonds: With plaintiff's bonds, a guarantee of payment for damages is provided if a court rules in favor of a defendant.
- Attachment Bonds: A type of plaintiff bond, an attachment bond is necessary for a court to seize a person's property. Thus, if a court rules against a plaintiff, an attachment bond ensures the defendant will be paid for any damages related to the attachment.
- Replevin Bonds: The bonds guarantee that a seized property will remain intact and not be sold, else a claim may be placed on the bond.
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:
- Administrator Bonds: These bonds ensure an individual's estate will be administered properly if he or she died without a will.
- Executor Bonds: These bonds offer financial protection to family members and stakeholders against fraudulent or illegal activities performed by a will's executor.
- Conservator Bonds: With conservator bonds, a conservator will maintain responsibility for the assets and finances of a minor or someone who has been deemed incapable of handling his or her finances.
- Guardianship Bonds: These bonds are required when courts have appointed someone to act on another individual's behalf.
How Much Do Court Bonds Cost?
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.
Request a Court Bond Quote from Viking Bond Service
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.
To request a court bond quote, please call us today at 1-888-278-7389 or fill out our Online Application.
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