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LR 65.1 Sureties on Bonds


(a) General. Bonds and similar undertakings may be executed by the surety or sureties alone, except in bankruptcy and criminal cases or where a different procedure is prescribed by law. No member of the bar nor any officer or employee of this court shall act as surety in any action or proceeding in this court. 

(b) Security. Except as otherwise provided by law, every bond or similar undertaking must be secured by one of the following: 

(1) the deposit of cash or obligations of the United States in the amount of the bond, or 

(2) the undertaking or guaranty of a corporate surety holding a certificate of authority from the Secretary of the Treasury, or  

(3) the undertaking or guaranty of two individual residents of the Northern District of Illinois, provided that each individual surety shall file an affidavit of justification, which shall list the following information: 

(A) the surety’s full name, occupation, residence, and business addresses, and 

(B) a statement showing that the surety owns real or personal property within this district which, after excluding property exempt from execution and deducting the surety’s debts, liabilities, and other obligations (including those which may arise by virtue of acting as surety on other bonds or undertakings), is properly valued at no less than twice the amount of the bond. 

(4) An unconditional letter of credit is an approved form of security and shall be submitted on LR 65.1 Form of Letter of Credit, or on a form agreed to by the parties.  

 

Adopted July 1, 2008


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