Court bonds are those bonds prescribed by statute and relate to the courts. They are further broken down into judicial bonds and fiduciary bonds. Judicial bonds arise out of litigation and are posted by parties seeking court remedies or defending against legal actions seeking court remedies. Fiduciary, or probate, bonds are filed in probate courts and courts that exercise equitable jurisdiction; they guarantee that applicants whom such courts have entrusted with the care of others property will perform their specified duties faithfully.
Fiduciary Bonds: Probate Bond
Probate Bond – This is a broad term that includes Administrator, Executor, Conservator, Guardianship and Trustee. These bonds are often required by a Probate Court to protect the Estate and/or the Person.