New York Receiver Bond
AmeriPro Surety Bonds | 844-589-9732
Appointment and Role of a Receiver
A receiver is an important fiduciary role appointed by a New York court for the overseeing of a business or entity that may be in the process of dissolution or reorganization.
The receiver is empowered to do many things: They may collect money owed; manage and make decisions; and, in general are empowered to those things concerning the maintenance and sustenance of an entity while the case is overseen by the court.
Purpose of a Receiver Bond
The purpose of the New York receiver bond is to serve as a financial guarantee for the court, and the parties involved in litigation, that a receiver will act in a proper, disinterested, and objective manner in the managing of the entity to which they have been appointed.
In short, it is encompassing a lot of responsibilities; and the court is placing its trust in your character and sound judgment.
Qualifying and the Premium
Our agency offers the New York receiver bond in any amount required by the court. Up to and inclusive of a $250,000 receiver surety bond requirement, we offer this bond without an underwriter review and a credit check inquiry.
A New York receiver bond greater than $250,000 will undergo an underwriter review. This review includes a standard credit check inquiry. In order to be approved, good credit is required.
Regardless of the amount of the receiver bond you require, we’ll always need the following before the surety bond can be issued:
- A copy of the Court Order: The Court Order is important because it provides us with the amount of the surety bond required; the names of the parties; the location of the court, in many instances; and other information. We will always need a Court Order before issuing any receiver surety bond;
- A completed application: For receiver surety bond amounts $100,000 and less, we’ll take the application from you over the phone (i.e. much of the information needed will have already been provided through the Court Order). For surety greater than $100,000, you’ll need to sign the application before it will be reviewed by an underwriter. Again, for amounts greater than $100,000 good credit is needed for approval.
After the approval of your bond, and payment of the premium, our agency issues you the following:
- A Surety Bond;
- And a Power of Attorney form.
Upon receipt by mail, you’ll sign your bond as Principal, and file it along with the Power of Attorney form with your respective court.
Annual Renewal of the Receiver Surety Bond Premium
The premium payment associated with your New York receiver bond is not a onetime payment, but rather, it renews annually on the anniversary of the surety bond’s issuance.
The bond will renew annually for as long as the court requires surety.
Additionally, we provide license and permit, probate, and other surety bonds in New York and all 50 states.
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