Receivers Bond Law & Legal Definition
On appointment of a receiver in most jurisdictions, a bond conditioned on the receiver's faithful performance of the duties and obligations of the receivership must be furnished before the receiver is authorized to act. Should a plaintiff obtain a judgment against the receiver for a failure in the performance of her/his duty as a receiver, the plaintiff may be entitled to recover from the surety on the performance bond.
The following is an example of a state statute dealing with receivers' bonds:
"Except as otherwise provided for by statute or court rule, before entering upon duties of receiver, a receiver shall execute a bond with one or more sureties approved by the court, in the amount the court specifies, conditioned that the receiver will faithfully discharge the duties of receiver in accordance with orders of the court and state law. Unless otherwise ordered by the court, the receiver's bond runs in favor of all persons having an interest in the receivership proceeding or property held by the receiver and in favor of state agencies."
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