For the most part, society will relate the word ‘bonds’ with getting friends or family out of jail. Three bonds that are used in courts of law, which are the fiduciary bond, notary bond and appeal bond, are much different. These court issued bonds protect money, the appeal process and help notaries do the job right. You will find info about these bonds below, including who and what they apply to.
A fiduciary (fi-doo-shee-er-ee) is a person that has a fiscal duty to protect the welfare of others where property or money are involved. For example, if a young child loses his or her parents and no one can help them make choices, a fiduciary would step in. So, a fiduciary bond is simply a court bond that makes sure the person liable for another person’s assets does their job. This bond is vital before a ward of an estate or person takes an oath to watch over another person or entity, and their money. State laws will vary, although the process of getting a bond is the same in most states. Young children, disabled people and seniors may need a fiduciary to help them make wise money choices, pay bills and so on.
Just how much your fiduciary bond is worth depends on many factors. It’s normal to buy this bond in an amount equal to the estate or more than its value. The final decision as to how much your bond must be bought for is up to the judge. Since a person will have full control over money and property, a credit check is part of the process of getting a fiduciary bond. You may need to submit info for a criminal background check as well, although a bond agent can help you learn more about the process. Anyone that will present themselves before the court should buy fiduciary bonds after seeing how much the judge may require.
Dating back to the Roman Era, the notary public is the oldest legal body known to man. Notaries have the task of making forms and signatures legal, which the forms will then get filed with county courts. Since a notary must be trusted with a stamp that has the seal of their state, a notary bond must be bought after a person gets sworn into their new job. The reason a notary bond gets issued is because vital forms such as a power of attorney need a special stamp to certify them. Most bonds will be in an amount between $500 and not more than $25,000, with the final value subject to the state that sells the bond.
A notary bond doesn’t protect a notary since the public can’t harm them. This form of insurance protects the general public against notary fraud and abuse of vital records or forms. If an injury would occur due to a notary’s abuse of power, the notary bond will pay the victims and strip the notary of their title. Since the Secretary of State hires a notary and gives them a stamp to use, a notary will have to prove they’re good enough to hold the title and get a bond. Having a felony on your record will not prevent you from being a notary and getting a notary bond, although some states make a petty crime grounds for ending their contract. Check with a bond agent to learn about rules and costs involved with notary bonds.
Not all will agree with a judge’s final decision in court. In both civil and criminal courts, a judgment means that money or property must be returned to the State or victims. An appeal bond has one purpose: to make sure an appeal isn’t done out of spite and to make sure the court or victim is paid money owed. When an offender appeals, the appeal bond covers 100-110% of the final order. This type of bond is hard to get since both credit and property are taken into account when screening applicants for coverage. If an applicant has bad credit, they will not be denied coverage though they may need to make larger payments. People that have civil or criminal court cases and wish to appeal should apply for an appeal bond.
Federal court rules and stay court rules are the same when it comes to an appeal bond. First, the person that wishes to appeal the judgment will signal their intention to the court. Next, the judge will order a bond to be placed on the appeal worth the exact amount owed to victims or the state. Finally, the person will wait for the outcome of the appeal and either get the bond money returned, or pay the full amount of the case. After the appeal process is done, the order is final and cannot be argued further. Talk to an agent if you need to buy an appeal bond since time is a big factor in the process.