Georgia Receiver Bond | AmeriPro Surety Bonds |
Georgia Receiver Bond
A receiver bond is a type of surety bond which a Georgia court may require in order to act in a fiduciary and managerial capacity over the assets of a corporation or similar entity.
A receiver is one who manages the finances of, collects payments and rents, or manages and controls property that is party to a court proceeding.
AmeriPro Surety Bonds works with you to obtain and file the Georgia receiver bond in a timely manner.
Qualifying and the Premium
Up to a $100,000 requirement, our agency offers you the Georgia receiver bond without the delay of a credit inquiry. Amounts greater than $100,000 will undergo the standard underwriter review which includes a credit inquiry. Good credit will be required to be approved for amounts greater than $100,000.
When you call us, we’ll request the following from you:
- A surety bond application, which we’ll begin with you over the phone;
- A copy of the Court Order which mandates your receiver bond requirement;
- The name of the Plaintiff and the Defendant.
After approval of your bond, and payment of the premium, our agency issues this bond to you immediately. Upon receipt, you’ll need to sign your bond as Principal before filing it with the Clerk of the Court.
Too, the premium associated with your surety bond is not a onetime payment. The premium renews annually for as long as the Court requires a surety bond.
Being Appointed as a Georgia Receiver
In order to become a receiver in Georgia, a surety bond is required.
According to Georgia Code Title 9 – Civil Practice § 9-8-10, the amount of the surety bond is to be set by the court.
According to the same statute, the presiding judge will also decide the amount of compensation for the receiver.
Georgia Receiver Bond: Its Purpose
The purpose of the Georgia receiver bond is to act as a financial guarantee that a receiver will be in compliance with their fiduciary responsibilities and obligations as the overseer of money and property.
Therefore, the receiver surety bond protects others, specifically, the entity or persons whose property has been transferred into receivership, from acts of fraud, embezzlement, negligence, criminal mismanagement or malfeasance on the part of a receiver.
The bond is presumably set in an amount sufficient to cover the loss should the mismanagement of the property lead to a filing and payment of a surety claim.
Qualifying for the Georgia Receiver Bond
Qualifying for the Georgia receiver bond includes:
- Providing the identities of the plaintiff and defendant;
- The nature of the matter in litigation (a summation of the case);
- The Docket Number and location of the case;
- What type of property the bond covers;
- The amount of the surety bond;
- Other information as may be requested.
Providing copies of any court orders for the receiver surety bond is especially helpful.
Additionally, there is a credit check involved for the receiver as part of the bonding process.
Annual Renewal of Receiver Surety Bond Premium
Once issued, the Georgia receiver bond will renew annually for as long as the case is adjudicated in a Georgia court, or until the judge exonerates the surety bond.
In some cases, a court may allow you to be compensated for the cost of the premium; however, that will be a matter discussed with legal counsel and determined by the presiding judge.
AmeriPro Surety Bonds is a surety bonds only agency. We provide Georgia court surety bonds and court bonds nationwide.
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