What is a Receivership Bond?
A Receivership Bond is a bond that guarantees faithful performance of the receiver for duties and obligations outlined by court order. Court-ordered receivership bonds usually pertain to business operations or real estate. A receiver is a court officer in possession of a given property or asset. The receiver acts as neutral entity between parties, usually the lender and the owner, to receive profits and conduct operations.
Receivership is a commonly appointed in real estate and property business operations such as condos and hotels.
A Bankruptcy trustee is an example of an official receiver of the court. A bankruptcy receiver distributes and handles the assets of the individual who filed for bankruptcy.
Receivership Surety Bonds
For more information regarding receivership bonds and receivership services in St. Paul and Minneapolis, contact Patrick J. Thomas today.