Suretyship Archives • Pedersen & Sons

Subdivision Bonds — Part 4

by admin | May 25, 2022 | Surety Bonds, Suretyship

Suretyship is one of the oldest professions in the world, but few are familiar with the industry. In a way, a surety bond is similar to having a co-signer for an obligation. It is viewed as an extension of credit. If the developer of a project fails to build what is...

Appellate Bonds Cont’d. [VIDEO]

by admin | Oct 21, 2020 | Surety Bonds, Suretyship

In my last video on this topic, I covered the reasons why you would use an appellate bond. In New York State, once a judgment is entered, the other side can execute upon it. In this video, I want to talk about what happens when that judgment is being executed upon....

Appellate Bonds [VIDEO]

by admin | Oct 4, 2020 | Court Bonds, Supersedeas Bonds, Suretyship

This is the first of a multi-part series about appellate bonds, also known as supersedeas bonds, undertakings on appeal, and stay bonds. This part of the series describes the purpose of an appellate bond, which is to guarantee the payment of the judgment once the...

Out-of-State Insurers Need Bonds to File in New York

by admin | May 12, 2020 | Suretyship

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...

Mechanic’s Lien Release Bond: Frequently Asked Questions

by Neil Pedersen | Sep 6, 2019 | Suretyship

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...

9/11 Commemorative License Plates Get Needed Traction

by Neil Pedersen | May 30, 2019 | Suretyship

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...