A court bond is sought whenever you need to go through a court to carry out certain proceedings. The court’s role here is to mitigate financial loss and ensure compliance with the terms and conditions of an agreement or task by verifying your financial credibility and knowledge.
There are two types of court bonds:
1. Judicial Bond – To minimize losses a party might suffer from a verdict.
2. Probate Bond – To care for others or manage their estate.
Here’s when you might need them.
1. Judicial Bond
Judicial bonds are interchangeable with many bond types, but here are the major ones:
· Appeal Bond
In this judicial bond, also known as a supersedeas bond, money is placed in holding by the court while an appeal is underway. Some courts require this bond if you want to put off paying the original judgment until a decision is reached.
It’s a common tactic courts use to discourage you from appealing and wasting their time and ensure you pay up if the verdict stands.
· Bail Bond
To get out of prison on bail means to commit to a court appearance. A bail bond gives an inmate the choice of showing up or risk losing their bond money and probably their newfound freedom to the court of law.
· Attachment Bond
Plaintiffs or defendants may need attachment bonds to facilitate repayment if the court rules in the defendant’s favor and to allow the court to hold the property being claimed until a verdict is reached.
2. Probate Bond
Probate or fiduciary bonds have two sub-types:
· Custodian Bond
A fiduciary bond type, in which courts expect appointed guardians to possess a custodian bond. It’s to make sure they care for the individual under their tutelage and manage their finances fairly and in line with legal guidelines.
You might need this bond to bring a minor, elderly, or disabled individual under your care.
· Executor Bond
If you find yourself in the precarious position of executing a deceased individual’s will, a court might demand an executor or probate bond before allowing you to perform your duties.
These bonds make sure you manage their assets as stated and protect the beneficiaries of a will in case of any mishandling or mismanaging of said assets.
Request a Court Bond in Los Angeles
Now it is extremely easy to obtain a court bond anywhere in the US. All you have to do is complete and submit an application form, and our underwriters will decide whether you tick all the boxes. It’s unlikely for you to not meet our credit score requirements, but in the event that you do, our insurance agents can also recommend viable alternatives.
Get in touch for questions to learn more about the surety bonds we offer.