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A surety bond is defined as a contract among at least three parties: [1] the obligee: the party who is the recipient of an obligation; the principal: the primary party who will perform the contractual obligation; the surety: who assures the obligee that the principal can perform the task; European surety bonds can be issued by banks and surety ...
The court in many jurisdictions, especially states that as of 2012 prohibited surety bail bondsmen – Oregon, Nebraska, Wisconsin, Illinois, Kentucky and Maine [29] – may demand a certain amount of the total bail (typically 10%) be given to the court, which is known as surety on the bond and unlike with bail bondsmen, is returned if the ...
A bail bondsman, bail bond agent or bond dealer is any person, agency or corporation that will act as a surety and pledge money or property as bail for the appearance of a defendant in court. Bail bond agents are almost exclusively found in the United States because the practice of bail bonding is illegal in most other countries.
A supersedeas bond (often shortened to supersedeas), also known as a defendant's appeal bond, is a type of surety bond that a court requires from an appellant who wants to delay payment of a judgment until an appeal is over. [1] [2] This is a feature of common law, and in particular the American legal system.
The economic value of bond insurance to the governmental unit, agency, or other issuer of the insured bonds or other securities is the result of the savings on interest costs, which reflects the difference between yield payable on an insured bond and yield payable on the same bond if it was uninsured—which is generally higher.
A performance bond, also known as a contract bond, is a surety bond issued by an insurance company or a bank to guarantee satisfactory completion of a project by a contractor. The term is also used to denote a collateral deposit of good faith money , intended to secure a futures contract , commonly known as margin .
In some common law nations, a recognizance is a conditional pledge of money undertaken by a person before a court which, if the person defaults, the person or their sureties will forfeit that sum. It is an obligation of record, entered into before a court or magistrate duly authorized, whereby the party bound acknowledges (recognizes) that they ...
Forty-nine US states (sans Montana [4] [5]) regulate (i.e., require licensure for) money transmitters, although the laws vary from one state to the other. [6] Most of the states require a money transmitter surety bond with widely ranging amounts from as little as $25,000 to over $1 million and maintain a minimum capital requirement.