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Bonds for Judicial Proceedings

Bonds for judicial proceedings may be required for those seeking certain remedies in state or federal court.

• Plaintiff Bonds – These bonds are required of the plaintiffs, for the benefit and protection of the defendants, should the plaintiff lose the lawsuit. The plaintiff is liable for any damages that the defendant suffers as a result of the suit in the event the legal action is resolved in the defendant’s favor. Attachment, replevin and sequestration bonds are plaintiff bonds.
• Defendant Bonds – Defendant bonds generally permit the defendant to regain control of contested property or to postpone the enforcement of an order affecting the defendant’s rights to property. These bonds block a plaintiff’s action to pursue satisfaction of a claim.
• Discharge of Mechanic’s Lien – A contractor who hasn’t been paid for labor and/or materials often seeks to place a lien on property. In order to clear the title of the property for sale, a Release of Lien Bond is necessary. This bond guarantees payments of any judgment rendered against the owner or contractor.
• Admiralty – Federal courts have jurisdiction over the high seas and navigable waters of the United States. Under Admiralty Law, a ship is a legal person and legal action is permitted against the ship rather than the company which owns it. One of the principal remedies in Admiralty Law is the maritime lien against a ship. Admiralty bonds relieve these liens.

Fiduciary Bonds

• Guardian Bonds – A guardian bond guarantees the fiduciary will faithfully carry out the lawful responsibilities by preserving assets of an estate.
• Probate Bonds – Probate is the legal process in which a court oversees the distribution of a deceased person’s property. Sometimes the court requires a bond naming the State as the Obligee. The bond’s purpose is to require the person responsible for all fiduciary duties to discharge them according to law.
• Bankruptcy Court Bonds – Bankruptcy court bonds are filed in the United States District Courts under Bankruptcy Laws. Receivers or trustees appointed by the court are required to file for a bankruptcy bond in order to take temporary or permanent charge of a debtor’s property or to operate, reorganize and rehabilitate a debtor’s business so it can continue as a going concern.
• Receiver and Trustee Bonds – Courts may require trustees and receivers to secure bonds so they may carry out their court appointed duty to manage or sell real property in foreclosure or reorganization.

Miscellaneous Bonds

• Game of Chance – Game of Chance Bonds are only required by the states of New York and Florida. The bond guarantees the Principal will operate a contest according to the regulations within either state and will ultimately award any prizes according to contest rules. Each bond benefits residents of its respective state.
• Lost Instrument Bonds – These bonds guarantee an original financial instrument has been lost or destroyed. They protect the Obligee from financial loss caused by payment under both the original and replacement instruments. Upon receiving the bond, the Obligee will issue a replacement document.