Texas Receiver Bond |
AmeriPro Surety Bonds | 844-589-9732
Civil Court Receivership
When at least two persons, who, to apparent appearances, have some basis for claiming ownership in property, and at the same time, dispute the other party’s right to the same ownership, a Texas court may sometimes appoint what is known as a receiver.
The receiver manages the details of the property while the legal dispute between the two or more contestants is heard in court.
A receiver may:
- Collect rent on the property;
- Pay for the upkeep of the property;
- And, in general, do those things which the court permits for the property’s sustenance.
Qualifying and the Premium
In all likelihood, at the bare minimum, the amount of the surety bond required will be determined by the value of the property, and, perhaps, any expected earnings on the property within a set period of time. Up to a $250,000 surety bond amount, we provide this bond to you immediately and without a credit check.
When you call us, we’ll need the following from you:
- A completion of a short surety bond application;
- A copy of the Court Order which mandates your surety bond requirement;
- The name, exactly as it should appear on your surety bond. We will also need your address, phone number, and email address. While these latter do not appear on your surety bond, they are for our records.
- The name of the obligee, likely the Court which requires your surety bond. Their address also. This will likely be found on the Court Order.
- The Case Number;
- The name of the Corporation which is in receivership;
- The Case Name;
- The Chapter Number;
- Your County name;
- The name of the District Court (this may not be required).
After approval (a credit check — and good credit will be required for surety bond amounts greater than $100,000) and payment of the premium, your receiver bond is issued to you immediately.
Upon receipt by mail, you’ll sign your bond as Principal, before filing it with the County Clerk where the case is being heard.
Annual Renewal of the Premium
The premium associated with your Texas receiver bond will renew annually on the anniversary of its issuance for as long as the surety bond is required.
The Texas Receiver Bond: Required by Law
Under Chapter 64 of the Civil Practices and Remedies Code, when a plaintiff in the proceeding or their counsel requests it, a receiver is appointed by the court.
The surety bond is a prerequisite for acceptance of a receiver bond.
To be a receiver one must also:
- Be a resident of Texas;
- Not be a party to the pending lawsuit and dispute over the property in question;
- Reside in Texas during the lawsuit,
Texas Receiver Bond: Purpose
The purpose of the Texas receiver bond is a financial guarantee to ensure that the receiver only act in the interests of the property involved, and moreover, manages it according to the law.
The bond protects both the plaintiff and the defendant for any theft, fraudulent or criminal acts that a receiver could commit in the management of the property.
About AmeriPro Surety Bonds: Specialists in Court Bonding
AmeriPro Surety Bonds understands that applicants who are required to obtain a surety bond may be unfamiliar with the process.
We will work with you to get the court surety bond you need posted on time and accurately.
We provide court bonds in Texas and nationwide.