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There are two broad categories of Michigan court bonds: appeal bonds and probate bonds.
There are several different types of Michigan appeal bonds, some mandated for plaintiffs and others for defendants. The most commonly required Michigan appeal bond is a supersedeas bond, the only appeal bond that stays execution of a judgment pending a decision by the appellate court. It also ensures payment of the original judgment and any related court costs in the event of an unsuccessful appeal.
Additionally, a supersedeas bond helps deter people from filing frivolous claims for the sole purpose of delaying the execution of a judgment. Most appeals ultimately fail because the appellant must be able to prove that there was a procedural error in the original trial that compromised the defendant�s rights.
Most Michigan appeal bonds must be fully collateralized.
Michigan probate courts may require probate bonds to ensure that individuals appointed to serve as executors, administrators, trustees, guardians, or conservators live up to the fiduciary responsibilities those roles entail. Whenever someone is entrusted with the management of assets belonging to someone else, a probate bond ensures that they carry out their duties lawfully and ethically.
When you file an appeal or accept a probate court�s appointment, you will be informed of any Michigan court bond you may be required to purchase.
In the event of an unsuccessful appeal, the defendant is given a certain amount of time in which to satisfy the trial court�s judgment. If the judgment has not been satisfied by the end of that period, the court will seize the collateral put up by the defendant when purchasing a supersedeas bond and will use that to pay the damages owed to the plaintiff.
Probate bonds typically do not have to be collateralized. If a claim is filed for financial damages resulting from the fiduciary�s unlawful or unethical actions, the surety bond company usually pays it on behalf of the fiduciary. The fiduciary must then repay that debt to the surety bond company.
The premium for any court bond is a small percentage of the required bond amount. Issuing a fully collateralized appeal bond entails little risk to the surety bond company, so the premium rate is generally around 1% of the required bond amount, regardless of the appellant�s creditworthiness or financial stability. That�s enough to cover any additional court costs or legal fees that the appellant must pay.
Probate bonds aren�t routinely collateralized, so the fiduciary�s credit score and financial circumstances enter into the premium rate determination. The more creditworthy the surety bond�s underwriters find the fiduciary to be, the lower the premium rate.
Request a convenient online quote today, or call to speak with one of our experienced professionals about the Michigan court bond you may need.
