Court bonds are necessary to ensure protection against possible loss as a result of the outcome of court proceedings.
Court Bonds are divided into two types: Judicial and Fiduciary.
Judicial Court Bonds are needed for civil actions in Civil, State and Federal Courts in addition to United States Admiralty Courts. The Judicial Court Bonds are often divided into “plaintiff,” or “defendant;” but they may also be referred to as “voluntary,” or “compulsory.”
Civil, Federal or State Court Bonds
The following bonds are common bonds required by either plaintiffs or defendants who as a result of litigation.
Fiduciary Court Bonds are needed by a “fiduciary,” who is a court appointed entity or person to administer the assets of another in a fair, legal and honest manner. Fiduciary Court Bonds are divided into three classifications: Probate, Guardianship and Trustee Court Bonds.
Probate Court Bond
Probate Court Bonds are necessary for fiduciaries that administer the assests of a deceased individual.
Guardianship Court Bond
Guardianship are necessary for fiduciaries that are responsible for the asset administration of a “ward,” which is seen as an incapacitated or incompetent individual.
Trustee Court Bond
Trustee Court Bonds are necessary for court appointed receivers and trustees who administer the assets of a business or individual.