SuretyBonds.com is legally licensed to issue court bonds in every state. However, court bonds are very risky to issue, so individuals must undergo a thorough application process.
Many court proceedings require that certain parties post surety bonds to limit the potential for the financial loss that could result. As with contract bond, commercial bond, and license and permit bond labels, "court bond" is an umbrella term that encompasses the different types of bonds that are used for various court proceedings.
The following are some of the most common types of court bonds.
Surety Bond Types Used For Court
- Appeal Bond
- In the event that a judgment is appealed, an appeal bond is required to guarantee that the payment of the original judgment will be paid if the appeal fails. The appeal bond discourages people from time-wasting appeals. SuretyBonds.com can issue appeal bonds, but only to applicants who have excellent personal credit and can provide 100 to 110% of collateral in the form of cash or irrevocable letter of credit (ILOC) from an approved bank.
- Bail Bond
- This type of bond is posted to ensure a person in jail will appear in court after being released back into the public. If the accused person fails to do so, the bail money must be forfeited to the court. SuretyBonds.com does not currently issue bail bonds.
- Custodian Bond
- The custodian bond ensures that an appointed custodian will correctly manage the finances of the individual. The terms "custodian bond" and "guardianship bond" are often used interchangeably. SuretyBonds.com can issue custodian bonds.
- Executor Bond
- The executor bond is also known as an estate bond or probate bond. Sometimes it's referred to the more generic term "fiduciary bond." This bond is known as a Nominal Bond in Maryland. No matter the specific bond name, these bonds all function in the same way. They must be purchased by those responsible for distributing a person's estate after they die. The probate bond protects the deceased's assets. SuretyBonds.com can issue executor bonds.
- Fiduciary Bond
- This type of bond is a generic bond type that guarantees an individual will perform duties, such as handling money, honestly per the court's instructions. The terms "fiduciary bond" and "probate bond" are often used interchangeably. SuretyBonds.com can issue fiduciary bonds.
- Guardianship Bond
- This bond ensures that an appointed guardian will appropriately manage the finances of another individual. The terms "guardianship bond" and "custodian bond" are often used interchangeably. SuretyBonds.com can issue guardianship bonds.
- Probate Bond
- This is the generic term for any bond involving an estate. The terms "probate bond" and "fiduciary bond" are often used interchangeably. SuretyBonds.com can issue probate bonds.
- VA Fiduciary Bond
- In 2011, the VA began allowing veterans' friends and family members to act as fiduciaries, which gave those closest to veterans the ability to retain control of their finances, estates and benefits without having to pay the hefty fees charged by fiduciaries who work for the court. SuretyBonds.com can issue VA fiduciary bonds.