What is a Minnesota Court Bond?
A Court Bond is required for different court proceedings to ensure that the people who are appointed to carry out legally binding acts will do so properly. It is a requirement for specific court rules or statutes. The bond amount and the conditions for each will depend on the ruling of a competent court.
A Court Bond is made up of various types of surety bonds. Below are the different types of Court Bonds and their corresponding subtypes.
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:
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 not all court costs will be covered by this bond. 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.
Plaintiff’s-Attachment Bond – A bond that guarantees that the plaintiff will settle damages if the court finds that the property was illegally taken from the defendant.
Lis Pendens Bond – A bond that serves as a guarantee that plaintiffs have filed a claim on the sale of a property and done it in good faith or not under false representation.
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.
Fiduciary Bonds are a type of Court Bond used in probate courts. A Probate Court is a tribunal that deals with certain proceedings 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.
What is the bond amount?
This will vary per bond and subject to the discretion of the court.
How can I obtain this bond?
The first step is to determine which type of Court Bond you need. Once you’ve established that, you will need to submit an application for that specific bond.
We will ask you some important information required for the underwriting process such as the following:
- Your financial history
- Facts about your case
- Your job/business performance history
- Your credit score
An underwriter will carefully evaluate the information you have given. You will be then asked to sign an indemnity agreement.
Once done, we will immediately issue the bond and send it to you!
Start yours today! Apply here!