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Out-of-State Insurers Need Bonds to File in New York
Insurance Law ISC 1213 provides that, when a non-admitted insurer is involved with a court proceeding involving one of their insurance contracts, they can be required to post a surety bond or an undertaking to proceed with their filing. The insured is the party...
Neil Pedersen: Guardianship Bonds Explained [Video]
If you have been named a Guardian of someone, either because they are incapacitated or a minor, you are required to obtain a Guardianship Bond. Learn more about the process to Guardianship Bonds in our new video.
What Is a Money Transmitter Bond?
A Money Transmitter Bond is a surety bond that represents a three party agreement between a principal, an obligee, and a surety. The principal is the one who needs the bond (you), the obligee is the state agency requiring you to get the bond, and the surety bond...
What You Need to Know to Obtain a Seizure Bond
When a plaintiff motions a court in New York State for an order directing the sheriff to seize real property that is rightfully theirs — but is being held by the defendant for a variety of reasons — the court sets what is called an undertaking in an action for...
Federal Rule 62 & Supersedeas Bonds: What You Need to Know
Federal Rule 62, Stay of Proceedings to Enforce a Judgment. Subsection (a): Except as provided in Rule 62(c) and (d), execution on a judgment and proceedings to enforce it are stayed for 30 days after its entry, unless the court orders otherwise. To obtain a stay...
Mechanic’s Lien Release Bond: Frequently Asked Questions
A lien is a mechanism used by contractors and suppliers to force payment of outstanding monies due from the owner, tenant or landowner. A Mechanic’s Lien will assure that the owner completes all required payments to the contractors participating in the project. It is...
Neil Pedersen: Streamline Bonds with Pedersen & Sons Surety Bond Agency [VIDEO]
9/11 Commemorative License Plates Get Needed Traction
Neil Pedersen of Pedersen & Sons Surety Bond Agency and first responder John Feal of the Fealgood Foundation joined forces last month to get commemorative 9/11 license plates rolling in New York after the DMV had stalled on the effort. Governor Cuomo signed a law...
Fighting Eviction: Stay for Use and Occupancy
When a commercial or residential tenant is being evicted from their space by a landlord, CPLR 5519 [a] [6] provides for a stay for use and occupancy. The court issues a judgment of eviction which requires the tenant to vacate the property. Tenants can appeal the eviction and, pending the appeal, post a bond to stop it; this is called a stay for use and occupancy.
Understanding the Importance of Attachment Bonds
Since prejudgment attachment cases often involve fraud — like when a company is defrauded out of money or property and needs to immediately have that money or property turned over to a third party who is the sheriff of the county where the property is located — an attachment proceeding is a necessity in situations like these. An undertaking or bond is a requirement according to New York Civil Practice Law and Rules (CPLR) for attachment proceedings.