The Dealer Licensing Bond guarantees that a motor vehicle dealer will have a clear title to any car sold and that they are in compliance with applicable laws concerning the sale of motor vehicles in Kansas. As part of the licensing process, the state of Kansas requires dealers to post a surety bond in the amount of $50,000.
Kansas requires a Notary Bond to protect the public from negligent mistakes or dishonest acts made by a Notary. A surety guarantees that if the notary public fails to properly perform a notarization, the surety will indemnify a third party for damages caused by the notary's negligence of misconduct, up to $7,500.
A Loss Securities Bond is used when a person or corporation has lost, mislaid or destroyed an original document that evidences ownership such as bonds, stocks, promissory notes, certified checks etc. by warranting the issuing corporation the ability to provide a replacement certificate. The bond of indemnity, as it is also called, provides that the issuer of the replacement security will not suffer economic loss should the lost instrument turn up later.
A Replevin Bond is filed by a plaintiff when they are asserting ownership to property in the hands of the defendant. By filing the bond, the plaintiff obtains possession of the property, and the bond guarantees the plaintiff will return the property to the defendant even if the court determines the plaintiff is not entitled to the property.
The IRS requires that an ERISA (Employee Retirement Income Security Act) Bond be written to cover 10% of the assets in a profit sharing plan or pension plan up to $500,000.