Court & Fiduciary Bonds

Court Bond Coverage

 

Court bonds – sometimes referred to as judicial bonds – are often required by state statute or court order to ensure protection from possible loss to a party in connection with a court proceeding.  Court bonds decrease chances of loss and guarantee compliance with court decisions and are often required in order for a litigant to proceed in a court or appellate proceeding.  There are court bonds for both plaintiffs and defendants.  The most common court bonds are appeal bonds (also known as supersedeas bonds or stay bonds).  Other court bonds are replevin bonds, attachment bonds, and injunction bonds.  The amount of the bond is typically set by statute or court order.

 

What is a Fiduciary?

 

A fiduciary may be an administrator, executor, trustee, conservator, guardian, personal representative, custodian, receiver, or other person with control over an estate or another person’s assets.  Many times, a fiduciary is required by state statute or a court to obtain a fiduciary bond (also known as a probate bond).  In other words, in those circumstances, one cannot serve as an administrator, executor, trustee, conservator, guardian, personal representative, custodian, or receiver without a bond. The amount of a fiduciary bond is typically set by statute or a court.  A fiduciary bond serves to protect minors, incompetents, beneficiaries, heirs or creditors from a fiduciary’s failure to perform its duties.  In most circumstances, the fiduciary bond binds the surety to pay to the court a certain amount in the event the fiduciary breaches his/her duties.

 

Colonial will allow you the ability to issue your bonds online instantly, from your home or office.  Until we can ensure you can purchase your bonds with ease, please contact our Bonding Department for assistance at 800-221-3662.