Today, I want to speak about a Release of a Temporary Restraining Order (TRO) Bond. In the past, we’ve spoken about temporary restraining order bonds where a corporation, an entity, or individual is seeking to restrain someone from doing something. In the past, that’s when the party seeking a TRO motions the court for a Temporary Restraining Order, which at times requires the party seeking the TRO to post a bond. The court can grant the TRO and require a bond. In NYS, a bond for a TRO is discretionary.
When you’re on the other side and you’ve been restrained from doing something, you can motion the court to have a bond set to release the TRO that’s been placed against you. In this case, you motion the court to have the TRO vacated and if they deny it, you can then seek for them to set a bond amount to release it. The bond amount to release is generally set at the amount restrained by the other side. So if they are allowed to restrain a million dollars, the Release of the TRO bond would be a million dollars.
This bond is considered high risk and sureties will review it carefully to make sure that the applicant has a strong enough financial wherewithal to support the bond in order for the surety to issue it. So, if you have assets restrained, you can motion the court to have the restraint lifted by sending a bond amount. The bond amount will probably be in the amount of the restraint that was initially allowed for the granting of the TRO.
You can motion the court to have it lifted and they will set a bond amount. You would then contact my office and we would work with the client to have the bond issued quickly and efficiently. We would need to review the applicant’s financials, the initial court order granting the TRO, and the court order granting the release of the TRO that requires the bond.
PEDERSEN & SONS SURETY BOND AGENCY, INC.
15 Maiden Lane Suite #800
New York, NY 10038
Sign up for Our Newsletters