What is a Judicial Bond?
A judicial bond is a type of court bond that guarantees court costs are secured. Civil court proceedings require judicial bonds when someone involved in a lawsuit seeks a special right or remedy in advance of a final court decision.
If an opposing party incurs damages as a result of the special privilege granted and the court later determines the privilege was unjustified, a judicial bond guarantees that the obligee will be made whole.
Types of Judicial Bonds
Below are just a few of the types of judicial bonds Brunswick Companies can issue.
Admiralty bonds are a type of judicial bond related to maritime law. Admiralty courts have jurisdiction over the high seas and the navigable waters of the United States.
Under admiralty law, a ship is a legal person and a legal action is permitted against the ship rather than the company who owns it. One of the principal remedies in admiralty law is the maritime lien against a ship. Due to such liens, admiralty courts require admiralty bonds.
Subject to its terms, the replevin bond guarantees the plaintiff will return the covered property along with any damages and costs to the defendant, if the resolution of the lawsuit favors the defendant. A counter replevin bond, therefore, guarantees that property will be surrendered or its value will be remitted to the plaintiff, if the court decides in favor of the plaintiff.
An injunction is a judicial order issued by a court to the plaintiff whereby the defendant is required to do or refrain from doing a particular act until the issue is decided in court. An injunction bond is a type of judicial bond required in civil court proceedings which guarantees that the plaintiff will indemnify the defendant against all damages and costs if the court rules in the defendant’s favor.