Receiver Surety Bond

A Receiver Surety Bond is a court surety bond required by courts in certain jurisdictions. A receiver is a person appointed by a court to secure the assets, property, and control of a company or entity that is a party to a lawsuit pending final decision. The company whose assets are seized is said to be in receivership, which is considered to be an extraordinary remedy and is not always consented to by the owner of the property. The Receiver is required to obtain a bond to guarantee their faithful performance of the duties and obligations of the receivership. Should a plaintiff obtain a judgment against the receiver for a failure in the performance of her/his duty as a receiver, the plaintiff may be entitled to recover from the surety on the bond.