What is a court bond?
A court bond is a type of surety bond that’s available in several different forms and they serve different purposes. Also known as judicial bonds or court surety bonds, these bonds are often required to ensure protection from a possible loss during court proceedings.
Court proceedings often require certain parties to file surety bonds so their personal credibility and financial integrity can be verified both in and out of the courtroom. Well, there can be a great need for obtaining a bond, including reducing the risk of financial loss to be followed with a court ruling or ensuring the accomplishment of a task appointed by the court.
Underneath the umbrella term “court bond” is a complete web of words, phrases, categories, and subcategories associated with this type of surety bond.
Court bond can be segregated into two main categories:
- Judicial Bonds
- Fiduciary/Probate Bonds
These bonds are the ones that protect against the uncertainties involved with court proceedings and are usually required so losses can be limited that could occur as a result of ruling. This type of court bond ensures that a person is safeguarded against possible losses that result from the decision which a court makes.
The judicial bond can be divided into two further categories: Defendant and Plaintiff.
“Fiduciary bond” and “probate bond” are synonymous terms for bonds which are required of individuals appointed by the court for the sole purpose of caring for others or managing others’ assets. These bonds ensure that caretakers must meet the required obligations appointed by the court, especially those pertaining to funds management.
These bonds can be split into subcategories:
Following are some of the most common court bonds:
Appeal Bonds – This bond is required to guarantee payment of the original judgment in case the appeal does not get through. However, people should keep themselves away from time-wasting appeals.
Bail Bond – This bond ensures that the person will appear in court before they can be released into the public. If the person does not appear, the court will forfeit the bail money.
Custodian Bond – This bond ensures that the custodian appointed will manage the person’s finances in the right manner.
Indemnity to Sheriff Bonds – These bonds are used so law enforcement officers can be protected against lawsuits if they have to take hold of someone’s property. This judicial court bond guarantees that the sheriff or law enforcement agency will be compensated in case they incur losses or damages by a plaintiff in the event of property seizure. The cost of these bonds varies greatly between states and depending on the case.
There are various types of court bonds that play an important and active role for every individual. You must understand the importance of these bonds and how they can prove beneficial to you.
If you may still have any query or doubt regarding court bond, get in touch with court bond professionals and ask your questions here http://www.suretybondprofessionals.com/contact-us/.