There are two types of Court bonds judicial and fiduciary. Judicial bonds protect the obligee against uncertainty in legal proceedings. These bonds can be of various types such as are plaintiff’s bonds, defendant’s bond, appeal bonds or injunction bonds.
1. Plaintiff’s Bonds: it makes sure that the damages suffered will be paid if the court rules in favor of the defendant.
2. They can be various sub-types plaintiff’s bonds such as Attachment bonds, Claim and Delivery bonds, Indemnity to Sheriff Bonds, Injunction bonds, and Replevin bonds, so the specific type you require may vary.
3. Attachment Bonds: It usually covers the cost plus the interest and grants protection to the defendant against the wrongfully attached property during court proceedings.
4. Replevin Bonds: These bonds come into play in civil and divorce cases mainly when the when property ownership is being determined and the defendant have these bonds which are required to protect the property sold or damaged.
5. Cost Bonds: These bonds ascertain that the payment of court costs is made when making an appeal concerning a lower court’s decision.
6. Indemnity to Sheriff Bonds: These bonds are used to grant protection to the law enforcement officers against lawsuits in the event that they have to seize someone’s personal property.
What is a Fiduciary Bond?
It is one of the types of court bond which is often required by probate courts. Individuals who have been appointed to act on behalf of others, such as to take care of their property or finances always require these types of bonds and so often these are also called as “Probate bonds”.
These types of bonds make ascertain that the court-appointed fiduciary will abide by the court’s requirements and instructions, as well as comply with state regulations for fiduciaries. These court bonds grant protection to both fiduciary’s “client”, as well the state from the when the time comes.
A fiduciary bond protects clients and the state, from dishonest and related practices when the time comes. These bonds act like 3 party agreements between the obligees the principal and the surety bond company.
Obligees can file the claim only if a fiduciary is found to be in breach of regulations and of their responsibilities, the bond offers legal recourse to obligees and receives material compensation up to the full penal sum of the bond. To know more about Court & Fiduciary Bond check out the details mentioned on the website.