What is a Colorado Court Bond?
Learn about each and determine which one you need!
A Court Bond is an umbrella term used for several types of bonds that:
- Are employed in legal proceedings. It is a requirement for specific court rules or statutes.
- Ensures that the people who are appointed to carry out legally binding acts will do so properly.
This is a type of surety bond that is required of a defendant or a plaintiff by a statute for court proceedings. It is an assurance that the individual will fulfill his obligations following a case. The coverage of the obligation can vary widely – from payment of damages to regaining a seized property.
Below are the types of Judicial Bonds:
Replevin Bond – Also known as Claim and Delivery Bond. It is a requirement for a replevin case to protect the defendant. This bond will assure the defendant that he will be compensated for losses caused by the seizure of the property in question by the plaintiff.
Supersedeas Bond – A bond that will secure the appellee/respondent from any loss due to a stay of execution or a delay by suspending the winning party’s collection until after an appeal is over.
Appeal Bond – A required bond for the appellant/claimant by the Federal Rules of Appellate Procedure as an assurance that the appellee’s court costs will be paid in case the appeal was lost.
Take note that this bond will cover not all court costs. The examples of the covered court costs are, but not limited to, the following:
- Notice of appeal filing fee
- Preparation of record
- Supersedeas bond premium
Injunction Bond – The purpose of such is to indemnify the defendant due to a wrongful injunction.
Bond for Release – Also known as Release of Lien Bond, Delivery Bond, and Forthcoming Bond. This bond will guarantee the release of a lien from an attached property.
Dissolution of Attachment Bond – This bond will guarantee the dissolution of the lien from the attached property.
Fiduciary Bonds are a type of Court Bond used in probate courts. A Probate Court is a tribunal that deals with certain procedures such as:
- Trust Proceedings
- Conservatorship of Adults and Assets Proceedings
- Guardianship of Minors and Assets Proceedings
This type of bond is furnished to guarantee that the executor of the property and finances will perform his duties accordingly.
Alternatively, they can be referred to as a Probate Bond, Guardianship Bond, Estate Bond, or Executor Bond.
What is the bond amount?
This will vary per bond and be subject to the discretion of the court.
How can I obtain this bond?
You must first determine which type of Court Bond you need. Once you’ve established that, you will need to submit an application for that particular bond.
We will ask you for some relevant information required for the bond such as your financial history, facts about your case, and your credit score.
The underwriting process will come next. An underwriter will assess all the information you have given us. Once done, we will issue the bond and send it to you right away!
Let’s get you started! Apply today!