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 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...
When a commercial or residential tenant is being evicted from their space by a landlord, CPLR 5519 [a]  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.
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.
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.
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.
A Receivership Bond is created when a company, but more commonly a piece of real estate, is in dispute. For example, a dispute could occur between the bank and a real estate owner if the bank is not receiving mortgage payments. If the property has tenants, these individuals would need to be protected in the event of a property seizure. In this case, the court determines that a Receiver of Rents needs to be appointed.
A temporary restraining order (TRO) is a short-term solution that can protect an individual.
There are different reasons why a client would make an application to the New York State Court for a Temporary Restraining Order. For example, if an attorney feels their client will be harmed by an action of someone or an entity, they can make an application to the court. The application is through an order to show cause. The Judge can then order a “TRO bond,” also known as an undertaking on a temporary restraining order.