Court bonds are a type of surety bond needed by individuals when they are pursuing an action through a court of law. It provides the court a guarantee that a damaged party will receive payment for financial losses due to a violation of the court order up to the “penal sum” or “bond amount”.
Court bonds consist of two primary categories:
- Fiduciary/Probate Bonds
- Judicial Bonds
The main difference between the two is that a Fiduciary bond promises faithful and honest performance of duty, while a Judicial bond promises payment of a sum of money that would be required in a court case.
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