Illinois Receivers Bond is a type of surety bond required by the state of Illinois for receivers when they are appointed by a court to manage, protect, distribute, or otherwise administer the property of a debtor. This type of bond guarantees that the receiver will perform their duties faithfully, honestly, and according to the laws of the state of Illinois. There are three types of Illinois Receivers Bond: General Receivership Bond, Special Receivership Bond, and Public Deposit Receivership Bond. The General Receivership Bond is a bond required by the court when a receiver is appointed to manage, protect, distribute, or otherwise administer the property of a debtor. The Special Receivership Bond is required when a receiver is appointed to manage, protect, distribute, or otherwise administer the property of a debtor, but the property is subject to special circumstances. The Public Deposit Receivership Bond is required when a receiver is appointed to manage, protect, distribute, or otherwise administer a public deposit of funds. The bond guarantees that the receiver will faithfully discharge their duties according to the laws of the state of Illinois.
Illinois Receivers Bond
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FAQ
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.
When will I get my bond refund? A customer can expect a bond refund within four to six weeks from the final disposition. The Criminal Division will prepare the bond refund documents, which are then forwarded to the Accounting Department to be audited and processed. How much is bond for my relative or friend?
?After an order is entered to release bond money, it usually takes ten (10) business days to generate the refund check. All checks are mailed. Make sure that our office has the correct address on file. The priority for a refund of bonds is established in General Order 90-26.
If they return to court as promised, their posted bail will be returned to them minus any fines or fees. However, if they fail to appear, then the money will be forfeited to the court.
Bond is an incentive for a defendant to appear at his or her court date. If a person does not appear, the Cook County bail bondsman will capture the individual and demand repayment. This is why it's very important to make sure that you appear at all of your court dates and appointments.
Refund: After the expiration of one year from the termination of its authority, a guarantor may petition the chief judge for a refund of its security deposit. Upon the payment of outstanding obligations of the guarantor, if any, the security deposit may be refunded.