Surety On The Rocks

Written by JoAnn Smith on February 27th, 2015. Posted in Court Bonds, On The Rocks, Surety Bond Blog

Court Surety Bonds: The most common Court Surety Bonds are the probate bonds, administrator, executors, guardian and custodian bonds to name a few.  The Judicial Bonds also fall into this category; these include Appeal, Supersedes, and Release of Lien Bonds.  The Judicial Bonds carry a much higher risk and require at least 100% collateral held by the surety company.
martini_pink Judge Jr. – This one is in the Martini family.  You will need Gin (3/4 oz), Light Rum (3/4 oz), Grenadine (1/4 tsp), Lemon Juice (1/2 oz), Powdered Sugar (1/2 tsp).  Shake with ice and strain into a Martini glass.  Enjoy and Share.

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Public Official Surety Bond Still Needed in Texas

Written by JoAnn Smith on December 31st, 2014. Posted in Court Bonds, Surety Bond Blog, Texas

     public official bond
Public Officals Must Be Bonded
The requirement of a public officials bond for any elected or appointed public official in Texas probably seemed very straight-forward when Sylvia Garza-Perez was elected as Cameron County Clerk. Her election was clear and she did try to obtain the proper public official surety bond upon election. The problem was not in the election process nor was it with any questions about her ability to take on her elected office. But her approval process was held up by a technicality the Commissioners Court had not anticipated, regarding her ability to qualify for her surety bond.

Requirements for a Public Official Surety Bond

The one little thing that seems to have tripped up the elected county clerk is that she must be able to provide a bond to secure her position. Most states require any public official to provide a surety bond to guarantee their honesty and faithful performance of their duties to the public. The amount of the public official surety bond differs from state to state. In Texas, the surety bond amount required is $400,000. While Garza-Perez was able to obtain a surety bond for $100,000, she does not have the liquid assets to qualify for the larger surety bond amount.

Exploring Other Options

The Commissioners office has stated that they are exploring other options to assist in meeting the legal requirements; including obtaining four separate $100,000 surety bonds instead of one bond of $400,000. The stumbling block may be resolving the need for $400,000 in liquid assets as opposed to net worth. The difference between the two may be the reason behind Ms. Garza-Perez’s current dilemma.

Finding Surety Bonds Quickly at BuySurety

This is a good example of why it is so important to talk to a surety bond provider such as BuySurety whenever you are aware you may need a surety bond in the near future. Getting prequalified for a surety bond such as the public official surety bond that was required here would have bypassed this problem altogether. Don’t wait until you are up against a deadline before you look into your surety bond needs. While BuySurety can provide you with fast easy service, it is always better to be sure you will qualify for the amount of surety bond you need as soon as you know you will need it. From an Administrator Bond to a Yacht Salesman Bond, we have every kind of surety bond you can need. Contact one of our helpful Customer Service Agents today and find out just how fast and easy it is to get bonded with BuySurety.

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Public Official Bonds Missing in New Mexico

Written by JoAnn Smith on June 4th, 2014. Posted in Court Bonds, Indemnity Bonds, Latest News, New Mexico, Retail and Professional Services Bonds, Surety Bond Blog

     public official bond      
Do they need public official bonds in New Mexico?
A recently organized citizen’s committee is steamed about the lack of public official bonds for New Mexico officials and they aren’t about to be quiet about it. In fact, they are ready to be down-right noisy.
 
The center of the storm is in San Juan County, a 14,000 kilometer area with a population of a little over 130,000 people. But the size of the area isn’t what is in contention; it is their belief that public official bonds are required by the state’s constitution.
 

Required to Give Their Bond

According to Ron Lyman, President of the Citizens Government Oversight Group, the New Mexico state constitution requires all public officials to not only take an oath of office but to also post a bond, which he says means individual public official bonds such as the ones that BuySurety sells. But the County Commissioner doesn’t agree that individual surety bonds are needed. He says that the blanket bond that was taken out for the entire commission is sufficient. Blanket bonds have been used in many instances where a surety bond is required but one bond that covers all members of a group, such as the state or county commission, can be posted to cover all members of the group. Lyman says that the blanket bond is not sufficient and that each individual commission member must have their own public official bonds.

A Question of Interpretation

This is not the first time that the question of this particular part of the constitution has been brought up by this group. In fact, New Mexico Secretary of State has said that the same handful of people bring the subject up at his office every year for the last few years. The state has even brought the question before a group of magistrate judge candidates to find out their opinion, but none wanted to venture one. Some claim that the requirement is a left-over vestige of the old days when New Mexico was still a territory and lawmen of any kind were required to be bonded individually to protect citizens. But in the end this may need to be settled one way or another; as the citizens group is not about to pick up their ball and go home. Either the commission members need to invest in public official bonds or the New Mexico constitution needs a revision. Either way, it will take some time before anyone can agree on next steps.

Get Bonded at BuySurety

Of course, not every case of public official bonds or other surety bonds is this complicated. In the same manner, BuySurety can assure you that getting bonded for any kind of surety bond from public official bonds to auto dealer bonds is fast, easy and within your budget. Got questions? We have answers. Come by our site or call our helpful customer service reps today. Because when it comes to surety bonds, BuySurety has got you covered.

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Pennsylvania Surety Bond Requirements – New Laws

Written by JoAnn Smith on May 12th, 2014. Posted in Bond Types, Commercial Bonds, Contractor License Bonds, Court Bonds, Latest News, License and Permit Bonds, Pennsylvania, Performance Bonds, Popular States, Surety Bond Blog

     Pennsylvania surety bond requirements
New Pennsylvania surety bond requirements ensure kids attend school.
State legislature has passed a handful of new Pennsylvania surety bond requirements this year that will affect the parents of children who don’t send them to school, the amount of surety a medical plan organization must post and what kind of surety bond must be posted for a company to obtain a permit to demolish a building. While these may all seem like wide ranging regulations, the new Pennsylvania surety bond requirements are simply a part of a new wave of legislature that will see stricter laws in many areas for surety bonds.

Compulsory School Attendance in Pennsylvania

Although the Public School Code Act of 1949 is still very much in force that requires parents to send their children to school, this latest piece of legislature, Pennsylvania House Bill 1786, will add penalties for any parent that refuses to send their children to school. Unless a parent or legal guardian can produce evidence that they took all proper precautions to ensure the child under 13 years of age went to school, the parent can be fined. If the parent wished to appeal the decision, they can post a performance bond that assures the court they will guarantee the child will attend school.

Discount Medical Plans and Penalties

A bill is currently with Pennsylvania Legislature that will allow discount medical plans to be registered with the state. Pennsylvania House Bill 1851 will also create penalties for any such companies and require these companies to post a guarantee in the form of a surety bond of $35,000 to protect the financial interests of the members of the plan. The Pennsylvania surety bond requirements bill was introduced in November of 2013 and as of May 2014 was under consideration of the House Insurance Committee.

Pennsylvania Surety Bond Requirements for House Demolitions

With the passage of Pennsylvania House Bill 1877, the state will have established new requirements for any company that wishes to engage in house or building demolitions in the state of Pennsylvania. These businesses will now be required to obtain a permit before beginning any demolition projects and part of that permit will be obtaining a performance surety bond for the cost of the demolition project. For this, Pennsylvania surety bond requirements will need to be a minimum of $25,000.

Know Your Surety Bond Requirements

If you do business in Pennsylvania, or any other state, you need to know first what the surety bond requirements are for that business. State legislatures are continuously making changes to surety bond state requirements for various businesses. That is why it is so important to do your research first and find out what those requirements are for your state and business. If you are considering starting up a new business, changing the scope of your current business or expanding a current business into a new geographical location, contact BuySurety first. We can help you find out just what kind of surety bond requirements that business has for that state. Don’t get caught without the right surety bond coverage when making changes to your business. Talk to the knowledgeable customer service people at BuySurety first and get the right information to keep your company up to date, whether it is for Pennsylvania surety bond requirements or new laws for auto dealerships.

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Court Bonds and Bad Faith Patent Suits

Written by JoAnn Smith on March 24th, 2014. Posted in Bond Types, Commercial Bonds, Court Bonds, Latest News, Legislation, Maine, New Hampshire, Surety Bond Blog, Virginia

     court bonds, patent suit
Patent suits get new court bond rules
It appears that when patent suits are brought before a court, the most common accusation is one of “bad faith” between parties. Because of this, three states are currently looking at legislature that will require parties that bring these types of accusations to court to provide a court bond to cover the amounts due if the accusation should prove false or they are unable to provide the needed facts. Each state has a somewhat different approach to the problem of “bad faith” accusations for pending patents between parties, but all three states will require the posting of a court bond in order for the lawsuit to proceed.

Maine and Bad Faith Assertions

Maine Senate Bill 654 will require that any bad faith accusations regarding patent infringement be prohibited. If the Maine court decides that the lawsuit is in violation of the law, they will require the accuser to post a court bond of not more than $250,000. This bond will cover the costs of bringing the suit to court and any amounts that will need to be recovered in connection with the patent lawsuit.

New Hampshire Court Bond

The legislature in New Hampshire is in the process of passing a similar bill, New Hampshire Senate Bill 303, which will also require bad faith lawsuits involving patents to post a court bond. Although the court could in this case waive the requirement for posting a maximum $250,000 court bond if the person can prove they have the assets for the case, in many other respects this bill is similar to the one currently being considered in Maine. It would prohibit “bad faith” cases for patent protection if they deem them frivolous or unlikely to be proven. The bond will ensure the court that the case is serious and most likely provable in a court of law.

Virginia Court Bonds for Patent Cases

A “bad faith” case for patent protection will need to be backed up with a court bond in Virginia as well, if the current legislation for Virginia House Bill 12 is passed. As with the other two legislative bills, Virginia’s bill will require that anyone bringing a patent infringement case before the courts will need to show they have the necessary financial backing to pay damages should their case prove unsuccessful. In this case, as with the other bills, a court bond for no more than $250,000 will need to be posted before the trial can commence.

Court Bonds Play Important Role

Although most of us have good reason to believe we will never have to come up with a court bond, the legal and financial world has become much more complex in the last couple of decades. Often cases that should seem simple will require the posting of a court bond to ensure everyone involved can proceed to the logical conclusion of the case. If you can foresee the need for a court bond in your personal life or business life, you will be happy to know that BuySurety can provide you with a court bond in a timely manner and for less than you would expect to pay. Contact our informative customer service representative today to find out how easy it is to qualify for a court bond tomorrow.

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