surety bonds

The 3 Major Classifications of Surety Bonds 1024 682 Patrick J. Thomas Agency

The 3 Major Classifications of Surety Bonds

Surety bond is a catch-all term for a three-party agreement in which one party (the Surety) guarantees or promises a secondary party (the Obligee) that a third party (the Principal) will successfully perform a specified duty or obligation. These types of bonds can be required by courts for certain cases…

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Using Bonds in Stay of Execution on Monetary Judgements 1024 686 Patrick J. Thomas Agency

Using Bonds in Stay of Execution on Monetary Judgements

In the state of Minnesota, according to the MN Statute 550.36 STAY OF EXECUTION ON MONEY JUDGMENT, attorneys can request a stay of execution to temporarily suspend the execution of a judgement made by the court. These stays are ideal for when a defendant needs to pursue further legal action…

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Why Are Replevin Bonds Required in Many Court Cases? 1024 765 Patrick J. Thomas Agency

Why Are Replevin Bonds Required in Many Court Cases?

Replevin is the legal writ that allows seized goods to be restored to their owner, either as a final judgement or a provisional remedy. A replevin bond is a type of surety bond that protects the defendant in a court case, guaranteeing that the moving party will return the defendant’s…

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What are Bank Depository Bonds? (And How They’re Used) 1024 688 Patrick J. Thomas Agency

What are Bank Depository Bonds? (And How They’re Used)

A bank depository bond, also known as a depository bond, is a type of protection for people or organizations who deposit large amounts of money into a bank, which normally exceeds the traditional insurance coverage obtained by the bank.  What exactly is a bank depository bond? How does it work…

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What is a Special Administrator of an Estate? How They Differ from Personal Representatives 1024 682 Patrick J. Thomas Agency

What is a Special Administrator of an Estate? How They Differ from Personal Representatives

Special administrators are used in times of need when an estate needs to be preserved and protected before a personal representative can be found and appointed. If no personal representative has been appointed, it can take time to get the right individual into the position, including getting approval by the…

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Updates on Representative Payee Bonds and Social Security 1024 682 Patrick J. Thomas Agency

Updates on Representative Payee Bonds and Social Security

No matter what state you live in, the Department of Veterans Affairs and the Social Security Administration require all Representative Payees—those appointed to receive benefits for someone who is unable to manage their money—to obtain a surety bond in order to fulfill their duties. Representative payee bonds generally need to…

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2022 Updates to Minnesota Guardianship Communication Statutes 1024 767 Patrick J. Thomas Agency

2022 Updates to Minnesota Guardianship Communication Statutes

Every so often, the statutes that govern guardians in Minnesota are updated to include new language, changes in regulations and laws, or other definitions that can have an impact on guardians, people subject to guardianships, and attorneys who work in this field of law.  Stay on Top of New Minnesota…

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What to Do if You Lose Your Minnesota Vehicle Title 1024 682 Patrick J. Thomas Agency

What to Do if You Lose Your Minnesota Vehicle Title

What do you do if you’ve lost or accidentally destroyed your Minnesota vehicle title? While the license and registration protocols are different from state to state, you can obtain a new title for your vehicle in Minnesota, which is helpful if you plan to sell it or have recently purchased…

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The Major Types of Fidelity Bonds and What They Cover 1024 655 Patrick J. Thomas Agency

The Major Types of Fidelity Bonds and What They Cover

Fidelity bonds are an important type of insurance for companies because they protect your business and customers from thefts committed by your employees. If you have a business that has employees who handle large amounts of cash, valuable items, or other expensive assets, a fidelity bond is a type of…

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What is Probate Court and How Does it Affect Estates? 1024 683 Patrick J. Thomas Agency

What is Probate Court and How Does it Affect Estates?

When a person passes away, their friends and family members quickly become accustomed to the term probate, especially if the person who has passed has not set up a trust or written a will that dictates the disbursement of their estate. Even if a will or trust has been created,…

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