Court Bonds
Court Bond
A court bond is a suretyship, issued by an insurer, in favour of the master of the high court for the due and proper performance of the appointee’s obligations and duties, towards an estate which he/she is administering.
The surety being the insurance company guarantees to pay the master, the obligee, a certain amount if the executor/curator/trustee (the principal) fails to meet its obligation, such as the proper administration of all estate funds.
Upon a dereliction of duty, the master may call upon the bond and demand payment from the surety of the loss suffered by the estate. At all times the surety acts as a co-principal debtor with the executor/curator/trustee.
Should a demand be made to the surety it is not without its remedies, it may pursue the executor/curator/trustee in office for the amount which it has paid.
We offer court bonds to pre-approved applicants. We are able to place any size court bond within a matter of hours once the applicant has been approved.
