Judicial Court Bond
also referred to as civil court bonds or simply court bonds
Are filed with the court responsible for settling civil court disputes between plaintiffs and defendants. The requirement is set by the civil court as a provision to allow a party to pursue legal remedies while protecting the rights of the other parties to the lawsuit.
The plaintiff is an entity or person who brings a case against another in a court of law.
A defendant is a person or entity against whom a claim or charge is brought in a court of law.
Common Types of Judicial Court Bonds
Release of Lien Bonds: The owner of a property with a contractor's mechanics lien who may want to transfer or sell the property will be required to purchase a release of lien bond by the court. A release of lien bond replaces the property as security for the lien, This guarantee will allow the transfer of ownership on the property while maintaining security for the creditor
Attachment Bonds: State laws enable courts to take legal custody of a debtor’s property at the request of a creditor in advance of trial Hence te name attachment bond. When the attachment is confirmed by the court, it will require the creditor to post an attachment bond. In turn, courts may allow a debtor to regain possession of the property by posting a release attachment bond.
Appeal & Supersedeas Bonds: After a lawsuit has been tried and the court has rendered a judgment, the losing party may wish to appeal the decision to a higher court. Plaintiffs and Defendants are usually required to post appeal bonds before a higher case will hear the appeal. When a court settles a case against a defendant and requires that the defendant pay money damages, the defendant can furnish a supersedeas bond to prevent a law officer from executing the judgment while the defendant appeals the decision to a higher court.
Replevin & Counter Replevin Bonds: In cases in which a plaintiff claims title to and demands the return of property held by a defendant, state laws enable the plaintiff to take legal custody of the property before a trial begins. If allowed by the court, the defendant may post a counter replevin bond to regain possession of property taken by the plaintiff.
Injunction Bonds & Dissolve Injunction Bonds: At a plaintiff’s request, a court might order an injunction for a defendant to refrain from performing some act that is detrimental to the plaintiff’s interest and is linked to the cause for a lawsuit. A defendant may provide a dissolve injunction bond to suspend the operation of an injunction.
also referred to as fiduciary bonds
Are filed with the probate court responsible for settling estates in the jurisdiction where the estate assets or beneficiary of those assets resides. A fiduciary is appointed and is responsible for managing an estate as you will see below depending on the type of probate bond the fiduciary will play different roles. The bond protects the beneficiary from the fiduciary including but not limited to the fiduciary taking actions that disregard the best interests of the beneficiary.
A Fiduciary is someone who has been appointed to oversee the assets of another.
Common Types of Probate Bonds
Administrator Bonds: to handle the affairs of a person who has passed away.
Executor Bonds: to handle affairs after the death of an individual.
Guardianship Bonds: to administer the estate of a ward. A ward can be person who has been declared legally incompetent or a minor. The Guardian may also have the authority to make health related decisions for the ward.
Conservatorship Bonds: to administer the estate of a ward. Generally limited to the financial affairs of the estate.