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Hill & Usher: Surety Definitions |
 | | For example, in a contract surety bond obligation, the surety bond is a three-party agreement in which one party (the surety) guarantees or promises a second party (the obligee) that a third party (the principal) will successfully perform a contract. |
 | | Bonds in judicial proceedings are filed by parties engaged in litigation to procure the benefits of relief afforded by law, such as Replevin, Attachments, Garnishments, etc. These bonds guarantee to the opposing party payment of the opposing party's costs and damages in the event the Court's judgment is in favor of that opposing party. |
 | | Probate bonds, or bonds filed in a probate court, apply to all types of bonds required of persons appointed to positions of trust by the court, such as Guardians, Executors, Administrators, Receivers, etc. These bonds guarantee the faithful performance of duties and an equitable accounting for property received and distributed. |
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