Today we are diving into Minnesota surety bonds. Jurisco is a nationwide surety bond provider but since we have experts for every state, we like to discuss bonds at a state level whenever possible.
As always, if you wish to skip the blog and start talking to Minnesota surety bond experts send us a message today.
There are four main categories of surety bonds: plaintiff bonds, defendant bonds, probate and fiduciary bonds, and license and permit bonds. Below we describe a variety of surety bonds used in Minnesota. This is not an extensive list because that would require way too much scrolling and we’re not even sure you’ve made it this far down, yet.
If you have a question about a surety bond that is not on this list you can send us a message. You can also find out more about surety bonds using the main menu. So now that you know this is just a sampling list let’s dive into some bonds.
Minnesota takes surety bonds seriously. Failing to satisfy a Twin Cities appeal bond requirement can result in legal action and possible fines and fees. It could also result in an appeal being denied. None of those are good options
A guardianship or conservatorship bond is a type of fiduciary bond. The purpose of a Minneapolis guardianship bond is to protect the person deemed by a court to require a guardian from being neglected. Guardianship can leave a person vulnerable and the courts utilize this surety bond to reduce the risk.
An indemnity to Sheriff bond is used across the state in Duluth, St. Paul, Rochester, and any other city you can name. When a plaintiff wishes to seize property from the defendant they are not the party responsible for taking possession of the property. Local law enforcement is charged with the duty of taking possession of property by court order. This not only limits confrontations between the two parties but leaves the property in trusted hands.
Before a Sheriff’s Department can take possession, however, the court requires this action be protected with an indemnity to sheriff bond. Having a surety bond protects the deputy or officer from being sued if the seizure is later deemed wrongful. The indemnity to the sheriff bond covers the plaintiff’s responsibility of protecting the defendant against an unnecessary seizure of property.
Before a plaintiff can garnish a defendant’s wages, he or she must post a garnishment bond. Georgia courts require a garnishment bond to protect the defendant against a financial loss. A garnishment bond is only required if the garnishment takes place before a judgment is made.
The cost of a surety bond depends on the amount of the garnishment and associated court fees. It’s important for a plaintiff to have this as a backup in case the garnishment is later deemed wrongful and the plaintiff is held financially liable.
Surety bond cost is determined by the overall value of the bond if a client is new or existing, the client's credit score, the terms of the bond, as well as any special circumstances. The cost of the bond typically is only a small percentage of the overall value of the bond. Surety bonds are by far the cheaper alternative than providing an all-cash option.
If a client wanted all cash they would have to deliver every single penny beforehand. Using a surety bond allows people to save money and only have to put down a small fraction of the cost upfront. That’s why surety bonds are trusted nationwide for a variety of situations.
Start a surety bond application to get an estimate on any bond.
Reviewing surety bond insurance companies doesn’t have to take a long time. To control bonding costs, and secure the lowest surety bond rate possible, it is important to choose a reputable bonding company. There are a few quick signs that reveal whether or not the surety bond company is the right one or not.
You want to work with a Minnesota surety bond expert. That’s why Jurisco clients in Minnesota choose our lawyer-trained staff to handle all their bond needs. Contact Jurisco today to talk more about Minnesota surety bonds.