New Jersey Refunding Bond and Release is an instrument used by a business or individual to settle a debt in the state of New Jersey. This type of bond is secured by a pledge of money, property, or other security, and is issued by an approved surety company. The bond guarantees that the debt will be paid in full. In exchange for the bond, the creditor releases any and all claims against the debtor. The two types of New Jersey Refunding Bond and Release are the Surety Bond and the Financial Institution Bond. The Surety Bond is a guarantee made by a third party that the debt will be paid. The Financial Institution Bond is a loan from a financial institution to cover the debt. In both cases, the New Jersey Refunding Bond and Release must be approved by the court or other designated authority. This approval must be obtained before the bond is issued. The bond must include the full amount of the debt, as well as a guarantee that all claims against the debtor will be released. The bond must also be signed by all parties involved. Once the bond is approved, the debt is discharged and the creditor can no longer pursue the debtor for the debt.
New Jersey Refunding Bond and Release
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FAQ
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.
A Short Certificate can be obtained at the "Register of Wills" office in the county court house.
If you need additional help or documents from the Surrogate's Office, such as a Surrogate Certificate (a document confirming that the will has been probated, and an Executor/Administrator has been appointed), please call us at 973-285-6500.
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.
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.
Each creditor has nine months from the decedent's passing to claim the estate. After nine months, and if there are no unpaid or pending claims, the executor can distribute the assets and issue a declaration of discharge.
The Surrogate, a Judge of this Court by New Jersey Constitution, is the person who passes on the validity of a Will, gives the executor proof of authority to administer the estate and sees to it that the executor handles the estate properly.
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.