Court Bonds are required in many judicial, probate, and banktuptcy court proceedings to ensure that one party is protected from possible loss as a result of the outcome of the proceeding. Court Bonds generally guarantee the fiduciary in a probate or bankruptcy proceeding or litigant in a judicial court case will pay any settlement or damages the court awards against them.
Examples include:
Administrator Bonds – guarantees the faithful discharge of duties and accounting of a decedent’s estate in accordance with the law and orders of the court.
Admiralty Bonds – guarantees payment of judgment, costs or other sums awarded by a Federal Maritime court proceeding.
Appeal Bonds – guarantees prosecution of appeal and payment of judgment, including interest, court costs and attorney’s fees.
Attachment Bonds – guarantees payment of court judgment and costs.
Bail Bonds – guarantees appearance in court for trial.
Bankruptcy Bonds – guarantees faithful marshalling of assets, operation, reorganization of debtor’s business, or liquidation and distribution to creditors.
Conservator Bonds – guarantees faithful performance of a fiduciary’s duties as appointed by the court to administer the estate of an insolvent or incompetent person.
Executor Bonds – guarantees the faithful performance of the duty of a fiduciary named in a will and appointed by the court as executor(trix).
Foreclosure Bonds – guarantees faithful performance of duty for sale of property in foreclosure.
Guardianship Bonds – guarantees faithful performance of a fiduciary’s duties as appointed by the court to administer the estate of an incompetent or minor person.
Indemnity to Sheriff Bonds – protects sheriff or marshall against loss resulting from liability to third parties due to wrongful writs of action.
Injunction Bonds – guarantees payment to the opposing party in a legal action for all costs and possible damages if the injunction is found to be improper.
Mechanic’s Lien Bonds – guarantees that a mechanic’s lien filed against a property will be discharged and released.
Receivers Bonds – guarantees the faithful performance of duties and accounting of monies in connection with the operation, reorganization and rehabilitation of debtors business during a bankruptcy or insolvency proceeding.
Replevin Bonds – guarantees payment of costs and the return of the property previously replevied.
Special Needs Trustee Bonds – Special Needs Trusts are set up so that the incapacitated person can continue to qualify for medical assistance, and the trust assets are basically used to meet the special needs of the beneficiary during their lifetime. A Special Needs Trustee Bond guarantees that the trustee manages the trust and carries out his or her fiduciary duties correctly.
Supersedeas Bonds – guarantees payment of final judgment, including interest, court costs and attorney’s fees.
Trustees Bonds – faithful performance of duty by a person appointed trustee in a bankruptcy, receivership, or named in a will.
Veterans Administration Fiduciary Bonds – the VA’s Fiduciary Program was established to protect Veterans and other beneficiaries who are unable to manage their financial affairs. The fiduciary is responsible to the beneficiary and oversees financial management of VA benefit payments.