Court bonds which are also referred to as judicial bonds in several instances are usually needed during court hearings. The main purpose of these bonds is to safeguard the interests of other parties against possible losses, in case the convicted party fails to comply with the legal ruling given by the court in the matter. The main reason behind putting a court Bond in place is to nullify subsequent losses that could arise in the event of non-compliance of a court order by the plaintiff or the defendant.
In order to ensure that interests of all parties are safeguarded during a court hearing, these court Bonds are available for both the differing parties including the plaintiffs and the defendants involved in the hearing. Another type of court Bonds that are also quite frequently used these days are appeal bonds, are also referred to as Supersedes bonds or stay bonds in some instances.
In case any of the parties involved in the court case somehow fail to adhere to the court ruling, then there is provision for their bond money to be used for compensating the other party against any losses that they might incur due to non-compliance of the court ruling by the other party. Based on the nature and type of hearing, there are other kinds of Court Bonds as well, and their value is individually decided by a court ruling separately for each hearing. Other types of court bonds include attachment bonds, Replevin bonds, injunction bonds, Appeal Bonds, Attachment Bonds, Appellate Bonds, Conservation Bonds, Probate Bonds, Administration Bonds and insolvency Bonds as well.
As far as Fiduciary Bonds are concerned, they are also referred to as Probate bonds and they are used for ensuring the rightful execution of duties by individuals who are legally entrusted with the responsibility of taking care of somebody who may be a minor and not in a position to take care of their financial affairs till they have attained adulthood or met a desired criteria. Although the purpose of both Court & Fiduciary Bond is pretty much the same, but they are different in terms of the conditions they can be applied in practice. A fiduciary could be a trustee, a custodian, a guardian, a trustee, or even a caretaker, an individual representative, or a recipient, or any other being who has been handed over the control of another individual’s possessions, property or assets.