Understanding The Various Types Of Court Surety Bonds
The court systems within Canada work like a well-oiled machine. This is truly no coincidence. Measures have been put in place to prevent the systems from being overwhelmed with fraudulent cases. As someone, who is required to file a suit or an appeal, you will experience this first hand. There are numerous court bonds and you’ll be able to familiarize yourself with some of the most common below.
Within Canada, it is highly likely that you’ll be required to file a surety bond, when entering into court proceedings. A bond is truly pertinent and serves a handful of different purposes. First and foremost, the bond helps to ensure that you have credibility and financial stability. This provides reassurance that you will be able to pay any court losses should you lose the case. The bond also helps to decrease the risk of financial losses.
Judicial Surety Bonds
These are several different types of judicial surety bonds and they’re typically put in place to decrease losses, which may result from a court ruling. Unfortunately, qualifying for judicial bonds can be fairly difficult, since they’re risky to bond providers. Below, you’ll discover some of the different types of judicial surety bonds.
Appeal Bond – Anytime you do not agree with a court ruling you will have the opportunity to dispute the ruling through an appeal. In most situations, the judge will make you post a surety bond, before you’ll be able to file the appeal. The bond is incredibly beneficial for the Canadian courts, since it helps to dramatically reduce the potential for frivolous appeals. Secondly, the bond helps to ensure that you’ll pay the original judgment, if the appeal is lost.
Bail Bond – Most Canadian citizens will be familiar with the bail bond. You might not have been forced to acquire it, but you’ve probably heard of it at some point or another. Those that wish to be released from jail, until their court trial, utilize this bond. The bond helps to guarantee that the accused individual will actually show up for their trail. If they do not, the bail amount is forfeited. Most surety companies do not offer bail bonds, so you’ll most likely need to look elsewhere.
Probate And Fiduciary Bonds
There is another group of court surety bonds, which are known as probate and fiduciary bonds. These bonds are utilized when the court appoints someone to oversee another person’s assets. The bond helps to guarantee that the appointed individual will fulfill their duties and properly manage all funds. Suffice to say, it decreases the risk of the appointed individual making off with the money.
Custodian Bond – The custodian bond is typically required for people, who wished to become caregivers of minors, disable individuals or the elderly. It may also be referred to as a guardianship bond.
Executor Bond – Executor bonds are required for those that wish to execute the wills of a deceased individual. Before the court will officially name you the executor, you’ll be responsible for obtaining the bond.
When it comes down to it, court bonds are diverse and each is incredibly important. Whether you wish to file an appeal or become someone’s guardian, you’ll need to obtain a bond. It is best to learn about these things ahead of time, so you’ll be better prepared for the future.