At Safeline Surety Bond, we provide all types of bonds to people all over the U.S. One of our most common requests is to help people with court bonds for a legal situation that someone finds themselves in. We help people get both the judicial and fiduciary bonds that they need. Courts issue bonds for all sorts of circumstances, and we have experience helping with any and all of them. Therefore, we know all the differences you need to know between types of bonds like these two.
So What Are These Bonds?
These two types of court bonds are very similar at first glance. However, judicial and fiduciary bonds cover different circumstances. It’s important to know what those circumstances are before you make a mistake and accidentally get the wrong type of bond.
First, what is a judicial bond? A judicial bond is a type of court bond that guarantees payment after a legal decision that requires it. For example, if a judge orders someone to pay you for something they did wrong, this bond will guarantee that payment. The most common type of judicial bond is an appeal bond, which ensures payment of a certain amount while the courts are processing an appeal. Another example of a judicial bond is a replevin bond, which ensures that the plaintiff in a lawsuit will pay back what they owe a defendant if the court rules in favor of the defendant. These bonds concern only payment, which is important for our next bond type.
Fiduciary, or probate, bonds concern something else: the performance of duties. These bonds come up in a case where someone has power over someone else’s assets or interests. The most common bond that comes up in discussions about fiduciary bonds is a guardianship bond, which is for someone who has guardianship over someone the court deems unfit to take care of themselves. These are also commonly part of the faithful execution of wills. Basically, if the court orders you to perform a specific duty, you become a fiduciary and therefore may need a fiduciary bond.
If you’re not sure if you need one of these bonds, contact our team today. We can help you figure out what bonds you need to fulfill your legal obligations and get them with ease!