What is a Wyoming Court Bond?
There are several types of Court Bonds. Each one serves a specific purpose – from ensuring that the seized property will be returned to properly covering specific damages.
The court rule that requires the surety bond will govern the Principal’s liability, as well as the Surety’s. The court will direct the required bond amount and the terms of the surety bond in accordance with the pertinent statutory provisions.
Types of Court Bonds
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:
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
For defendants, this surety bond enables the person to be released from jail by ensuring that the individual will appear for his or her court date. If the individual fails to appear in court, the bond amount is forfeited to the court.
By using a Replevin Bond, the defendant can be assured that if they win the case, they will receive their assets in good condition.
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
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 Custodian Bond, Guardianship Bond, Trustee 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 your financial history, facts about your case, your job performance history, and 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!