The definition of surety bond must be satisfied by a defendant or plaintiff. Whichever party is seeking to secure a surety bond to cover their actions, the court expects all mandates are covered. Working with a surety bond expert ensures the right surety bond is used.
Understanding the Definition of Surety Bond
A definition of surety bond has the common structure of financially covering an action. States and courts use surety bonds as a way to However, the definition of surety bond will vary slightly from action to action.
For example, a business who is required to post a seller of travel bond will deal with a different definition of surety bond than that of a plaintiff seeking an injunction. While the roots of bonds are generally the same, it is important to work with a surety bond company that will help navigate the differences.
The definition of surety bond is essentially good faith shown to the court. This good faith makes judges a little more relaxed about actions that could result in a negative financial way. Showing a court good faith goes a long way in creating the better legal situation.
Court Bonds for Plaintiff and Defendant
Court surety bonds may be used by a plaintiff or defendant. The parties can present the bond on their own, be asked to secure a bond by the other party, or be mandated by the court directly.
An example of a plaintiff bond is a lis pendens bond. The lis pendens bond blocks the sale of the property until after a court has ruled on the case. Using a lis pendens gives the plaintiff more time to protest the sale and protect their vested interest.
A common defendant surety bond is an appeal bond. The appeal bond may also be referred to as a supersedeas bond. The definition of surety bond for appeals sets the bond amount. The amount must cover the full judgment. This amount is used to show that the defendant respects the court ruling. Not securing the right bond amount may result in the denial of a bond by the court.
Surety Bond Process Made Easy
Jurisco makes the surety bond process easy. Surety bond experts are easy to contact. The lawyer trained staff of bond professionals always help clients secure the right bond at a low rate.
Contact Jurisco to discuss the definition of surety bond and other topics that are of interest. They will help secure a bond the same day the application is received.