Fiduciary Bond (or Probate Bond) secure the performance of fiduciaries’ duties and compliance with court orders.
Fiduciaries must be bonded. The bond is a written promise that one will faithfully perform his duties as a fiduciary (Executor or Administrator).
The bond amount is set by the Probate Clerk. The bond issued on behalf of the estate helps to ensure that the person appointed properly administers the assets of the estate and helps to protect the interests of the heirs, creditors, beneficiaries, and the Commonwealth as their interests relate to the estate. State statutes govern whether the bond is with or without surety. The Probate Clerk will set the appropriate bond amount.
Judicial Proceedings Bonds assures litigants adhere to judicial proceedings. Normally required by the courts in order to secure a party’s costs of appeal, attachment, and injection. Judicial Bonds guarantee payment of a verdict while an appeal is considered.
Normally required of plaintiffs to ensure protection of the defendant should the plaintiff lose the lawsuit. The plaintiff will be held liable for any damages that the defendant suffers due to the result of the court proceedings.
Blocks a plaintiff’s action, giving the defendant time to regain control or postpone the enforcement order affecting the rights to property.
Discharge of Mechanic’s Lien is required if the owner’s property has had a lien filed against it. A lien is typically filed by a contractor on the owner’s property when they are in dispute with the owner over payment for services provided.
License and Permit Bonds
Required by state law, municipal ordinance, regulation, and occasionally the federal government in order to grant a license to engage in a particular business or a permit to exercise a particular privilege.
Examples of these bonds include:
Beer and Liquor
Contractor’s License Bond
Land Use Permit
Motor Vehicle Dealer
Surplus Lines Broker
Public Official Bonds
These bonds guarantee the faithful performance of duty by a public official in a position of trust.
Notary Errors and Omission Insurance Bonds
City Treasurer’s Bond for collection of State Revenue
County Treasurer and County Director of Finance
Deputy and all Subordinates of Treasurers, Tax Collectors or Treasurer-Collectors
General Receiver of Circuit Court
Sheriff and all Subordinates
State Officers and Employees
Treasurer and Tax Collector or Treasurer-Collector