Court and fiduciary bonds are court-required surety bonds that protect estates, individuals, and other parties when someone is entrusted with legal or financial responsibility. They ensure fiduciaries comply with court orders and also include court bonds such as appeal bonds, which secure payment if an appeal fails, and TRO bonds, which protect against damages from a wrongfully issued court order.
An appeal bond during civil litigation guarantees the payment of court costs and damages; a specific type of appeal bond, called a supersedeas bond, can be required to halt payment of a monetary judgment until the appeal process is concluded.
An attachment bond is used in civil litigation when a plaintiff asks the court to approve the seizure of a defendant’s assets before judgment; the bond guarantees the defendant will be compensated for losses if the judgment ultimately rules against the plaintiff.
A conservator bond is required when the court appoints an individual to manage the financial affairs and assets of a person who is incapable of doing so themselves (in event of disability, age, etc.), guaranteeing that the appointed conservator will manage the estate honestly and responsibly.
An Estate Bond is a common name for a fiduciary bond (often called a Probate, Surrogate, Administrator, Personal Representative or Executor Bond) that is required by the court to financially protect an estate’s beneficiaries and creditors, guaranteeing that the appointed representative manages and distributes the deceased person’s assets correctly.
A Guardianship Bond is required when the court appoints a guardian to manage the personal well-being, care, and/or assets of a minor, disabled, or elderly adult, guaranteeing the guardian will act in the person’s best interests.
A Receiver Bond is required when the court appoints a neutral party, called a receiver, to take temporary control of a business or property that is in dispute, guaranteeing the receiver will handle all assets and operations properly and impartially.
A Referee Bond is typically used in real estate partitioning lawsuits when a court appoints a referee to oversee the sale of property that must be divided among multiple owners, guaranteeing the referee will manage the sale and distribution of funds according to court orders.
A Replevin Bond, used in legal actions to recover property wrongfully held or possessed by another party, is also known by several other names or can be associated with similar types of judicial bonds. Here are some alternative names or closely related terms: Claim and Delivery Bond, Detinue Bond, Sequestration Bond, Recovery Bond, or Possessory Bond.
Temporary Restraining Order (TRO) or Injunction bond is a security deposit required when a plaintiff seeks a court order to immediately halt a defendant’s action; the bond guarantees the restrained party will be compensated for losses if the court later determines the restraining order should not have been issued.
A Trustee Bond guarantees that a trustee appointed to manage the assets placed in a trust for the benefit of others, carries out their duties and manages the assets faithfully according to the trust’s terms.
A VA Fiduciary Bond is required when a court or the Department of Veterans Affairs appoints a fiduciary to manage the VA benefits of a veteran who cannot handle their own finances, guaranteeing the fiduciary will use those benefits solely for the veteran’s well-being.
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For more info about surety underwriting limitations read Circular 570 published by the U.S. Department of the Treasury.
