Judicial Bond Explained
A judicial bond is a class of surety bonds that is required by the Courts and/or administrative bodies clothed with quasi-judicial powers in connection with the judicial proceedings before them. Most of these are continuing in nature as they cannot be canceled unless the Courts declare otherwise.
Heir’s Bonds
An heir’s bond guarantees the protection of any heir or person who has been deprived of his lawful participation in the estate and/or any creditor who has a claim against the estate which has not been paid. It is posted by the known heirs who seek to distribute the registrable properties under their respective names.
This bond also has several key functions and liabilities. The first is to allow the transfer of registrable properties to the transferee while the second is to answer for the share of the disenfranchised heir.
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To know more about surety bonds and their basic definitions, check out our previous article on surety bonds as we provided an overview for them. We’ll also be discussing the topic of customs bonds in the near future! But if you would like to know even more, feel free to contact us at our various social media platforms, website, email, and landline.
