Court Bonds
Court Bonds include all types of bonds that may be required in the event of a lawsuit. Many court proceedings require court bonds before a person tries to file some types of claims or tries to appeal a case. If this person, the principal, fails to compete the task he or she set out to do, the court will likely charge him or her for court costs. In this event the surety obligates the principal to pay such costs. In other words, Court and Probate Bonds are commonly used as a financial guaranty to the court. They guarantee that parties are protected from financial loss stemming from a court proceeding.
For example, a probate bond is used to protect the deceased and beneficiaries from fraud or embezzlement of the estate or assets. These bonds are often referred to as estate or executor bonds. Two other types of court bonds include guardianship bonds and appeal bonds. Appeal bonds typically require 100% collateral and are required by the court prior to any appeal. A Guardianship bond, also called a custodian bond, guarantees that the legal guardian of a minor or handicapped.
If you are soon to be involved in a court case, you should consider securing a surety bond for yourself. In the event that something unfortunate was to happen and you were unable to fulfill your intended task, a surety bond would cover any court costs you had incurred.
The most common types of court bonds include the following: