Court Bonds, such as appeal bonds, may be required in court proceedings to pursue a remedy in court. Fiduciary bonds guarantee the faithful performance of court appointed fiduciaries, including those appointed in probate and surrogate courts, such as executors, administrators, conservators, guardians, and trustees.
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Appeal and Supersedeas Bonds
An appeal bond, also known as a supersedeas bond, is the bond a losing party is required by the court to file in order to secure its right to appeal and stay a judgment. While both state and federal courts require appeal or supersedeas bonds, the amount of those bonds may vary by jurisdiction.
A conservator is appointed to assist with the financial needs of a minor, disabled, or elderly person and may be required to obtain a conservator bond to protect the interests and affairs of the conservatee in accordance with the applicable state law. The requirements of the bond may vary from state to state.
An estate bond is also referred to as a probate bond, fiduciary bond, administrator bond, personal representative bond, or executor bond. This bond is required by a court and protects the interests of the estate and its beneficiaries in accordance with state law. The requirements of this bond may vary by state and county where the descendant lived at the time of death.
A guardian is appointed to assist with financial needs of a minor, disabled, or elderly person and may be required to obtain a guardianship bond to protect the interest and affairs of the ward in accordance with the applicable state law. The requirements of the bond may vary from state to state.
A trust is a document created by a settlor that provides how property and assets within a trust are managed and distributed to trust beneficiaries. A trustee may be required by the trust document or a court to obtain a trustee bond to protect the interests of the trust beneficiaries. The amount of the trustee bond is usually determined by the trust document.
A referee is a person appointed by a court to sell real estate or other assets at issue in a litigation and may be required to obtain a referee bond to secure the referee’s obligations as required by the applicable state law. The amount of the referee bond may be set by the court, and is generally based on the value of the assets in dispute.
A receiver is a person appointed by the court to receive assets, property, and control of a company pending final decision of a lawsuit. A receiver may be required to obtain a receiver bond to secure the receiver’s obligations as required by the applicable state law. The amount of the bond is generally set by the court.
A VA fiduciary bond serves to protect a beneficiary if a fiduciary commits fraud or misuses the beneficiary’s VA funds. A VA fiduciary is an individual or entity that has been appointed by the Veterans Administration to receive VA funds on behalf of the beneficiary (a veteran or his/her survivor). In many circumstances, the VA will require the fiduciary to obtain a VA fiduciary bond.
Replevin bonds are required by a court when it determines that a party can take legal custody of property from another before a full trial. In a replevin action, the plaintiff claims ownership and entitlement to possession of the property. The amount of the replevin bond may be set by the court.
Temporary Restraining Order (TRO) / Injunction Bonds
Injunction bonds are required by a court when a party requests that a court restrain or otherwise enjoin another party. The bonds may be required when the injunction order is in the form of a temporary restraining order, preliminary injunction, or permanent injunction. The amount of the injunction bond may be set by the court.
Attachment bonds are required by a court when it determines that a creditor has legal grounds for attaching, or taking legal custody of, a debtor’s property before a full trial. The amount of the attachment bond may be set by the court.