Bonds and Insurance Blog

Let’s say joint control means that the cash of the estate is deposited in a bank account in a manner that will prevent withdrawals unless the surety consents. Securities and other similar valuables are placed in a safety deposit box. Access to the box is conditioned on the presence of some authorized representative of the surety house. At the time the bond application is signed, the principal also signs joint control agreements in duplicate, one copy the bank retains the other acknowledged by the bank and returned to the surety copies to principal and attorney.

This entry was posted on Friday, September 30th, 2005 at 11:51 am and is filed under Bond Issues. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.