A receiver is an individual selected by the court to receive power, property, and assets of a firm pending an ultimate decision of a lawsuit. Receivers are chosen by the court, government, or contract. Per applicable state law, a receiver could be required to have a receiver bond in order to ensure and safeguard the receiver’s obligation. The bond acts as a way for the principal to recover from the surety company if the obligee fails to fulfill their duties. The surety company can then seek indemnification from the obligee upon payment to the principal as a result of a claim against the bond.
What is a Receiver Bond?
Receiver bonds are bonds for people who receive property, assets, or control of a business pending final decision of a lawsuit. The court habitually sets the amount of a receiver bond for a client. However, a receiver bond is reasonably priced and simple to obtain. Colonial Surety offers our lowest rate possible to our dedicated clients. The premium is based on the amount of the bond set by the court.
Obtain Receiver Bond Today
We offer a simple online method to obtaining your receiver bonds. Our easy-to-use portal allows you to get a quote, fill in your information, satisfy underwriting requirements, and enter your payment method. You can then print or e-file your bond in your office, at home, or anywhere! Contact us today to learn more about receiver bonds.