A “lost instrument” may refer to a cashier’s check, promissory note, money order, deed of trust, stock certificates, and other items.
More commonly, a Florida lost instrument bond refers to a lost cashier’s check.
Regardless of the lost or stolen instrument, AmeriPro Surety Bonds will provide you the Florida lost instrument bond you require.
We discuss cashier’s checks and promissory note below as they are among the more common.
A cashier’s check offers the advantage of cash --- frequently there are no holds and the funds are available immediately --- with the advantage of a check ---the funds are designated to one person or entity.
Because of the nature of these instruments, their loss can pose a unique problem for you.
Unlike a personal or business check, payment cannot just be “stopped”, and the cashier’s check reissued as if nothing happened.
If you have lost a cashier’s check, you may have gone to the banking institution which issued the check to report the loss.
You may have to:
The purpose of the lost cashier’s check bond is this:
It is required, after waiting the bank’s required period of time, before the bank will reissue a replacement check.
The bond is required to protect the bank.
Since a payment cannot be stopped on the original cashier’s check, the bond is a financial guarantee that protects the bank from paying twice on the same check --- the original check that was lost or stolen --- and now its replacement.
In the unlikely event that the cashier’s check is paid twice, the bank is covered by the surety bond – and you as the purchaser of the bond --- promise to reimburse the surety for any losses incurred as the result of a double payment.
In the case of a lost cashier’s check bond, the price of the bond may be as little as 2% of the bond’s amount.
The amount you will pay, depending on the replacement amount of the cashier’s check, may be determined by a credit check.
Therefore, the amount you will be required to pay can vary greatly depending on your credit score.
The premium you pay, however, is a one time premium payment, and our agency will find you the best surety bond pricing.
Another type of Florida lost instrument bond is the Florida promissory note.
If you are required to obtain the a bond for lost instrument, it is required by Florida state statute, and deals with a mortgage foreclosure.
If a promissory note has been lost or stolen and the mortgage is in foreclosure, according to Statute 702.11 a Florida lost instrument bond for the note is required.
If you are required to obtain this note, the court will advise you of its requirement.
This type of lost instrument bond will have a bond amount:
Our agency will request any court order regarding this bond as this will help us to get exactly the bond amount, and time duration of the bond required by the court.
AmeriPro Surety Bonds will help you to obtain any type of Florida lost instrument bond that you require.
Our agency also helps you to obtain any other type of surety bond --- license and permit, court, and contractor bond throughout the great state of Florida and nationwide.