Entries Categorized as 'Court Bonds'

Difference Between Preliminary Injunction and Temporary Restraining Order (TRO)

by Joshua Malone

The difference between a temporary restraining order (TRO) and a preliminary injunction seems fairly subtle. In litigation cases, the terms sometimes get used interchangeably. Both a TRO and a preliminary injunction provide a remedy for an allegedly aggrieved party and typically require an undertaking to provide monetary relief to the alleged aggressor. According to NY […]

Attorney Retainer Letters

by Joshua Malone

An attorney retainer letter diminishes some of the risk of fiduciary and probate bonds. The letter states the principal on the bond – the administrator, executor, or guardian – will keep their attorney involved throughout the entire duration of the principal’s appointment. Sureties prefer to maintain the attorney’s involvement during these appointments because attorneys have […]

Advance Payment Bond

by Joshua Malone

An advance payment bond provides an estate’s executor or administrator an early release of funds for a specific purpose. The bond guarantees the return of an advance payment if the court later finds the executor or administrator wrongly took the money. The court reviews the estate upon approval of the estate’s final accounting. Most executors […]

Discharge of Mechanic’s Lien for Public Improvement Bond in New York

by Joshua Malone

Discharge of Mechanic’s Lien for Public Improvement bonds are very rare but they share some similarities to regular Discharge of Mechanic’s Lien (DML) bonds. These bonds arise in situations where a subcontractor, hired by a Principal contractor, has not received payment for work performed on a public project. In most cases, public entities require contractors […]

Cancelling a TRO and Preliminary Injunction Bond

by Joshua Malone

In order to cancel a preliminary injunction or temporary restraining order bond, the Principal needs to submit specific evidence to the Surety. The cancellation evidence needs to demonstrate the court has either made the injunction permanent or discontinued the injunction. If the court has made an injunction permanent, the Principal and its attorneys should submit […]

Open Penalty Bonds

by Joshua Malone

A court or miscellaneous bond sometimes has an open penalty, which simply means a bond penalty does not have a finite limit. Open penalty bonds carry many risks and hazards because the surety does not know the exact amount of liability it must guarantee. A typical bond has a fixed bond penalty, which means the […]

More About Qualified Domestic Trusts (QDOTs)

by Joshua Malone

In a previous blog post, I discussed the requirements and characteristics of a Qualified Domestic Trust (QDOT) bond. This post supplements the previous one by including more helpful information. Alternatives to QDOT bonds include irrevocable letters of credit or having a bank as the US trustee. A surety bond is the best option for an […]

Administration Bond

by Joshua Malone

Surrogates require administrators to obtain an administration bond guaranteeing their faithful distribution of the deceased’s assets (when the deceased lacks a “Will and Final Testament.”) When a person dies intestate, it means they died without leaving behind a “Will and Final Testament.”* A will specifies whom the deceased intends to leave their belongings to. Without […]

Court Bond Documents Required for Applicants

by Joshua Malone

When a bond applicant submits an application, the applicant must also submit relevant court papers for most of the bonds we issue. The court documents are a necessary part of the underwriting process. Underwriters and producers need to fully examine and understand the extent of the obligation. This includes knowing the identity of the obligee, […]

Yellowstone Injunction Bond

by Joshua Malone

A Yellowstone injunction bond allows a tenant to remain in their apartment pending an eviction procedure by the landlord. These bonds guarantee the landlord a court determined penalty usually equal to the bond amount. If the proceedings later determine the landlord had proper cause to evict the tenant, the landlord collects the bond penalty. Thus, […]