New Jersey Refunding Bond and Release is a type of legal document used in New Jersey to provide a guarantee that a seller of real estate or an agent of the seller will return any down payment to the buyer if the sale is not completed. It is also used to release a lien or other encumbrance from a property. The bond ensures that the seller will pay any debt or other obligation that the buyer has incurred in the event of a failed transaction. There are two types of New Jersey Refunding Bond and Release: a Single Bond and Release and an Irrevocable Bond and Release. A Single Bond and Release is a one-time bond that is issued for a specific transaction and is released upon completion. An Irrevocable Bond and Release is a bond that is issued for multiple transactions and remains in effect until all transactions have been completed.
New Jersey Refunding Bond and Release
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FAQ
What is Bond Refunding? Bond refunding is the concept of paying off higher-cost bonds with debt that has a lower net cost to the issuer of the bonds. This action is usually taken to reduce the financing costs of a business.
Generally unique to municipal securities, a refunding is the process by which an issuer refinances outstanding bonds by issuing new bonds. This may serve either to reduce the issuer's interest costs or to remove a restrictive covenant imposed by the terms of the bonds being refinanced.
By statute (N.J.S.A. 3B:23-24) an Executor or Administrator is required on paying a beneficiary his/her share of the estate, to take a Refunding Bond and Release from the beneficiary and to file the bond in the Surrogate's Court.
For example, an issuer that refunds a $100 million bond issue with a 10% coupon at maturity and replaces it with a new $100 million issue (refunding bond issue) with a 6% coupon, will have savings of $4 million in interest expense per annum.
Bond refinancings or ?refundings? are used by state and local governments to achieve debt service savings on outstanding bonds. Though less frequent, refunding bonds can also be issued to remove or revise burdensome bond covenants or to restructure debt service payments.
Letters Testamentary is the formal document appointing the executor. You will generally need one certified copy, bearing a raised seal, for each asset to be transferred from the testator to a beneficiary.
Pre-Refunding Bonds Explained The new bonds are known as refunding bonds, and their proceeds are used to pay off the older bonds, referred to as refunded bonds. The refunded bonds are paid off at a predetermined date, hence, the term ?pre-refunded? bond.
A short certificate is the document issued by the Surrogate the Executor will use as proof of their authority to transfer or sell the decedent's assets.