When a decedent dies without a will, an administrator is appointed to administer an estate and the court requires that the administrator obtain an administration bond. An administrator bond guarantees that the estate will be properly distributed and that outstanding debts will be paid. New York State has specific intestacy laws that stipulate how an […]
When seeking to obtain a surety bond, there are important considerations one needs to be aware of before applying to the court. Since there are costs associated with making an application to the court for the appointment of a guardian, conservator, administrator, executor, preliminary executor, trustee, or another fiduciary appointment in respect to drafting the […]
In New York State’s court system, the prevailing party has the ability to execute on a judgment as soon as it has been entered by restraining assets and eventually seizing assets such as real property or bank accounts. The losing side can avoid having money restrained without their consent only by obtaining an appeal bond […]
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 […]
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 […]
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 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 […]
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 […]
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 […]
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 […]