What are Ohio Court Bonds?

Learn about each and determine which one you need! 

A  Court Bond is not a single bond. It is actually a generic term for several types of surety bonds that are used in court proceedings.

 

The purpose of a Court Bond varies – from ensuring that the right people will be justifiably compensated to ensuring that the people who are appointed to carry out legally binding acts will do so properly.

 

Judicial Bonds

This is a type of Court 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 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.

 

Fiduciary Bonds

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.

 

Alternatively, they can be referred to as a Guardianship Bond, Custodian Bond, or Executor Bond.

 

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 needed for the underwriting process such as the following:

  • Your financial history
  • Facts about your case
  • Your job 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! Call here!