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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.
The Requirements to Stay the Execution of a Judgment in PA’s State Court
When a money judgment is entered against an entity in Pennsylvania’s State Court, an appropriate security in the amount of 120% of the judgment is required in addition to the filing of the Notice of Appeal in order to stay the execution of a judgment. A supersedeas surety bond would suffice. In order to obtain the supersedeas bond, the surety would review the financial statements of the entities applying for the bond, copies of the judgment and notice of appeal are needed.
Undertaking Provided for in Section 51 of the General Municipal Law and Article 78 of the Civil Practice Law and Rule
Recently, we had a request to set a bond amount pursuant to Section 51 of the General Municipal Law and Article 78 of the Civil Practice Law and Rules. This bond was intended to stop the Mayor and members of the Board of Trustees of a town from doing something an individual living in that town deemed to be illegal and improper.
Undertaking on a Preliminary Injunction Bond
When a client seeks injunctive relief, the judge may require an Undertaking on a Preliminary Injunction Bond. There are a few things to know about this type of bond: it can either be required of the defendant or of the plaintiff, it will enjoin the opposing party or a third party, and it is usually more detailed and longer lasting than the previously issued temporary restraining order (TRO) — upon the posting of an undertaking in a sum that the court determines. Note that the previously issued TRO may or may not have been also bonded.