This bond guarantees payment of a final judgment and costs if adjudged against the principal Ė this bond generally requires full collateral in the form of a cashierís check or an irrevocable letter of credit from a surety-approved bank.
If the plaintiff is unsuccessful in their court proceeding, the property or its money value must be returned to the defendant. This bond guarantees payment of costs and the return of the property replevied if return is adjudged. Through the court, the plaintiffs take over the property involved.
This bond is furnished in connection with the administration of the estate of a deceased person, a minor or an incompetent. It covers faithful performance of the duty of a fiduciary appointed by the probate court.
When a petition is filed in bankruptcy, the court will appoint a receiver to look after the bankruptís property until there has been a meeting of creditors and a permanent trustee is appointed. This bond covers the faithful performance and accounting of monies in connection with the operation, reorganization and rehabilitation of debtors business.