Custodian Bond

A custodian bond, also known as a guardianship bond, is often required when a legal guardian has been appointed. These bonds are seen as a unique type of bond and are classed as a surety bond or kind of insurance. The bond acts in the interests of safeguarding an individual who is being cared for by the appointed guardian, also referred to as custodian.

 

The courts often require a guardian to have a custodian bond. This then ensures that the legal guardian of a vulnerable person is unable to take advantage of their position and that they are acting in the best of interests for the person they care for. The bond is also a guarantee that court orders are followed as requested. In business, such bonds are held by what is known as a custodian bank. A custodian bank mainly safeguards assets such as stocks, shares and currency. They also ensure the safe passage of sale or purchase transactions with other businesses.

 

It is due to the fact that legal guardians, are not only looking after another, but they also handle the day-to-day running of all financial issues, that custodian bonds are required. The financial issues dealt with by a custodian may include payment of bills, purchasing of groceries or clothing along with any other expenses.

 

Before a custodian bond can be granted, the person applying to purchase such a bond is often required by the courts to have their application approved as well as undertaking several screening processes.


Application for


Current or expiring quote we are looking to beat:


Name of previous surety company writing to the bond:


Section I: Bond Applied for

Type of Bond

Effective Date

Expiration Date


Type of Company

CORP

LLC

DBA

Partnership

Bond Amount


(Obligee)


Obligee Address


Section II: General Information

Applicant's Name

Spouse Name


SS#

Spouse SS#

Home Phone


Residence Address

City

State

Zip


Status of Residency

Own

Rent

At Current Address Since


Date of Birth

Spouse Date of Birth

Business License Number


Business Name


Business Phone

Business Fax

Business Email


Business Address

City

State

Zip


Date Business BEGAN Under Present Individual or Firm Name

Business Tax ID


Has any company refused to issue bonds for any purpose?

Yes

No

Do you have any liens, claims or judgements against you?

Yes

No


Has applicant ever failed in business?

Yes

No

Has applicant filed bankruptcy in the last 10 years?

Yes

No


If yes, Chapter 7?

Yes

No

Chapter 11?

Yes

No

Chapter 13?

Yes

No


Date Filed for Bankruptcy?


Date of Discharge?


If yes to any, please explain:


Section III: Additional Parties

Name

Spouse Name


SS#

Spouse SS#

Home Phone


Home Address

City

State

Zip


Personal Financials

(if more than one owner, each has to fill out this app)

Statement of assets and liabilities as of


Assets Liabilities
Cash in Bank Notes Payable to Banks
Cash on Hand Notes to Others(excl. of equipment)
Stocks and Bonds Accounts Payable
Accounts Receivable Federal and State Income Tax Due
Notes Receivable All Other Taxes
Inventory Accruals, Payrolls, Etc.
Cash Value Life Insurance    
Equipment Due on Equipment
Real Estate Due on Real Estate
Other Assets Other Liabilities
    Surplus and Undivided Profits
    Capital Stock(if a corporation)
       
Total Assets Total Liabilities

Net Worth


Name of Owners

Name and Title of Officers

% of Ownership


Are you an insurance agent?

Yes

No

Agent License #

Agent State

Completion of this form constitutes permission for Cal Society Insurance Services to obtain customer information which will be used to determine bonding eligibility. This information will be held in the strictest confidence.