Definition of "Judicial bond"

Lana LeMay real estate agent
Lana LeMay, Real Estate Agent Berkshire Hathaway Homeservice Miles Realty

Type of surety bond that is either a fiduciary or a court bond.

  1. Fiduciary Bond guarantees that individuals in a position of trust will safeguard assets belonging to others placed under their control.For example, guardians appointed by a court who are authorized to pay expenses of the minor and administrators of estates who take care of a deceased's assets may require fiduciary bond.
  2. Court Bond guarantees concerning ligation such as: (a) APPEAL BOND, which guarantees that a judgment will be paid if an appeal is lost in a higher court; (b) Plaintiff's Replevin Bond, which guarantees that damages will be paid if the replevin action is wrongfully brought; (c) Removal Bond, which guarantees that damages will be paid if improper removal actions are taken.

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