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Court Bonds

Overview of Court Bonds:

Court bonds are guarantees required by courts at various points in legal proceedings. These include appeal bonds, lis pendens bonds, injunction bonds, cost bonds, administrator bonds, lost note bonds, stop notice bonds, release of lien bonds, attachment bonds, etc. Court bonds include two major categories of bonds: Judicial and Fiduciary bonds. We focus on judicial court bonds here, and try to describe the various types of bonds along with the underwriting factors to consider.

Judicial court bonds are divided further into two major classifications, including those whose principals are plaintiffs and those who are defendants. Generally, bonds required by defendants are much more hazardous and the underwriting requirements are stricter, with collateral requirements generally required.

The plaintiff or defendant or the litigant is often required to post a bond when the court permits the litigant some special right or remedy that could be financially detrimental to the opposing party. The court bond protects the opposing party from any loss suffered as a result of the court’s granting the special privilege. 

Common Court Bond Types:

Court bonds cannot be cancelled by the surety, even if the surety is no longer comfortable with the underwriting factors surrounding the risk or if the premium has not been paid. Once the surety executes the bond, it faces potential liability until the principal and the surety’s bond are exonerated by the court. If the principal on the bond is found liable and is charged with damages and doesn’t pay, then the surety will pay according to the terms of the court bond and the court ruling.

Attachment Bonds:
A bond that a defendant gives to recover attached property. The plaintiff then looks to the bond issuer to satisfy a judgment against the defendant.

Appeal Bonds (Supersedeas Bond):
A bond that an appellate court may require from an appellant in a civil case to ensure payment of the costs of appeal. It is a bond that is required as a condition to bringing an appeal.

Probate Bonds (Adminitrator / Executor):
A bond, such as that filed by an executor, required by the law to be given during a probate proceeding to ensure faithful performance by the person acting as executor or administrator.

Replevin Bonds:
A bond given by a plaintiff to attach property in the defendant's possession before judgment is rendered in a replevin action. The bond protects the attaching party and ensures the property's safekeeping until the court decides whether it should be returned to the defendant. Simply put, it is a bond given by the defendant in a replevin action to regain attached property pending the outcome of litigation.


 

 
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