What are the Key Components of Local Rule 105 Bonds?
What is Required for Bonds Involving Property as Surety?
Property Bonds Requirements:
Local Rule 105 mandates that all bonds not backed by approved surety companies must have an affidavit. This affidavit should detail the property's value used as surety and any existing liens. It must disclose if the property has been used for other security purposes.
The affidavit should provide comprehensive details of such usage.
The debtor cannot qualify as their own surety.
What Regulations Apply to Corporate Surety Bonds?
Corporate Surety Standards:
A corporation cannot act as the sole surety in Allegheny County Court unless approved by the Orphans' Court Division.
This approval is a prerequisite for corporate entities to guarantee bonds.
Who is Prohibited from Being a Surety in Allegheny County?
Certain individuals are barred from acting as sureties in any court action. This includes attorneys, Sheriffs, Prothonotaries, their deputies, and court personnel. The rule aims to prevent conflicts of interest and maintain integrity in court proceedings.
How Does Local Rule 105 Impact Legal Practice in Pittsburgh?
What are the Implications for Attorneys?
- Attorneys must be aware of property requirements for bonds.
- They should advise clients on the necessity of the affidavit for property bonds.
- It's crucial to ensure corporate sureties are Orphans' Court Division approved.
Attorneys must recognize their own ineligibility to act as sureties.
How Does This Rule Affect Court Procedures?
Court Procedure Adjustments:
- The rule requires additional documentation for bonds involving property.
- It necessitates verification of corporate surety approval.
- Courts must enforce the prohibition of certain individuals acting as sureties.
Local Rule 105 Bonds in Allegheny County sets clear guidelines for bonds in legal proceedings, ensuring transparency and propriety in the use of property and corporate sureties while barring specific individuals from acting as sureties to maintain impartiality and ethical standards in court actions.