GARNISHMENT
- BOND TO DISCHARGE OR RELEASE:
When money or property belonging to a defendant has been attached while
in the hands of a third party, the proceeding is called a garnishment
and the third party is called the garnishee.
The bond is similar to a release of attachment bond.
GROSS LOSS:
The amount of loss before giving effect to reinsurance.
Usually reported inclusive of claim expenses.
It may also be considered as the loss without allowance for collection
of salvage.
GUARDIAN AD LITEM:
One appointed to preserve the assets of the estate of a minor during a
litigation which delays the appointment of a general guardian.
GUARDIAN OR GENERAL GUARDIAN:
A fiduciary appointed by the court to administer the estate of a minor.
HAZARD:
A term applied to certain conditions which may create or increase the
probability of a loss, because of a given peril.
HOLD-OVER PUBLIC OFFICIALS:
Those who are elected or appointed to succeed themselves in office or
who continue beyond the limits of their terms until their successors are
appointed or elected.
IMMIGRANTS BOND:
A class of federal bonds covering aliens who enter the United States
legally.
INCOME TAX BONDS:
These are given to guarantee payment of federal income taxes due or
claimed to be due. They are
direct financial guarantees and collateral usually is required.
INDEMNIFY:
To compensate for actual direct loss sustained under a bond.
There can be no recovery on a bond until the obligee has actually
suffered a loss.
INDEMNITOR:
One who enters into an agreement with a surety company to hold the
surety harmless from any loss or expense it may sustain or incur on a
bond issued on behalf of another.
INDEMNITY BOND:
A general term describing any bond which protects the obligee against
direct loss which may arise as a result of failure on the part of a
principal to perform.
INDEMNITY TO SHERIFF OR
MARSHAL: A sheriff or marshal, in the execution of the process of the
courts, may incur liability for damage to a third party through an act
or acts which turn out to be wrongful.
Either official when requested to take some particular action, may
require a bond of the party making the request.
The bond covers the liability of the sheriff or marshal in that
connection.
INDIVIDUAL FIDELITY BOND:
A bond covering a single employee for a specified amount to protect the
employer in the event of the employee's dishonesty.
INJUNCTION - PLAINTIFF'S
BOND TO SECURE: An
injunction is a judicial process whereby the defendant is required to do
or refrain from performing a particular act.
An order granting an injunction may be on the condition that the
plaintiff furnish a bond to indemnify the defendant against loss in case
it is decided that the injunction should not have been granted.
INJUNCTION - DEFENDANT'S
BOND TO DISSOLVE: When
an injunction has been issued, the court may order the injunction
dissolved upon the giving of a bond.
The bond guarantees payment the plaintiff may sustain as a result of the
performance of the act or acts originally enjoined.
It is then the privilege of the defendant to proceed as if the
injunction had never been issued.
INSURING CLAUSE:
That part of a bond or policy which recites the agreement of the insurer
to protect the insured against some form of loss or damage.
Also known as an insuring agreement.
INTESTATE:
One who dies without a legal will.
INTERNAL REVENUE BONDS:
A class of federal bonds which guarantee compliance of producers of
distilled spirits, tobacco, etc., with applicable laws and regulations,
as well as the payment of taxes.
JOINT CONTROL:
An arrangement by written agreement between a fiduciary and a surety,
acknowledged by the bank in which funds are deposited or securities
lodged so that the funds or securities are controlled by both parties;
usually all checks are required to be signed by the fiduciary and
countersigned by an authorized representative of the surety and access
to the securities can be had only in the presence of an authorized
representative of the surety.
JOINT VENTURE:
A joining of the financial resources and skills of several contractors
to undertake contracts of construction too large for their individual
and separate abilities.
JUDICIAL BOND:
A general term applied to all bonds filed in court.
