When people need to obtain a court bond in Arizona, there are many different options they can pursue. Court bonds can also be referred to as judicial bonds or court surety bonds, and are often required in court cases to ensure protection from possible losses. These bonds can range from probate to plaintiff or from receiver to defendant.
A judicial bond is posted by a party in a lawsuit to reimburse the opposing party for any loss that may come up from either a delay or other circumstance caused by the proceedings. As a general rule, all bonds required in judicial cases are called judicial bonds. A probate bond is virtually the same as an estate, executor, or fiduciary bond. When a person dies, usually a will is left behind. The probate bond is purchased by the will executor, who then ensures that the wishes of the deceased, as spelled out in the will, are carried out ethically and honestly. The professionals at Southwest Bond Services can explain this in further detail or information can be found on their website.
Sometimes, a Court Bond in Arizona can very well be a plaintiff’s bond, which ensures damages suffered will be paid if the court rules in favor of the defendant. There are multiple iterations of plaintiff bonds, so the specific type a person needs may vary. These can entail attachment, garnishment, provisional remedy, replevin, injunction, indemnity to sheriff, or a temporary restraining order.
A defendant’s bond will guarantee that the payment of any final judgment by the court in favor of the plaintiff will be made. These may include the release of mechanic’s liens, counter replevins, appeal or supersedeas, discharges of attachments, or the release of garnishments.
Then there is a receiver bond, which is required by courts in certain states. A receiver is a person that has been appointed by the court to secure the assets and control of a company involved in litigation. These bonds are usually renewable on an annual basis. The bond is typically required by the court until the receiver’s obligations are met. The time frame involved can differ with each bond.