BONDS

Cash Bonds

 The court may order the applicant to post and file with the clerk a bond as required by the Texas Rules of Civil Procedure only if the court determines that the applicant is financially able to execute the bond.

Receiver’s Bonds 

Before a person assumes the duties of a receiver, he must execute a good and sufficient bond that is:

            (1)  approved by the appointing court;                                       

            (2)  in an amount fixed by the court;  and                                    

            (3)  conditioned on faithful discharge of his duties as receiver in the named action and obedience to the orders of the court.

Supersedeas Bonds

When an appeal has been perfected or a Writ of Execution has been issued and the party wants to suspend execution of the judgment, a Supersedeas bond must be filed by the party and approved by the clerk. For recovery of money, the amount of the bond, deposit, or security must be at least the amount of the judgment, interest for the estimated duration of the appeal, and costs.

EXCESS FUNDS

The sale of property for delinquent taxes may generate excess funds over and above the amount of judgment.  These funds must be turned over to the clerk of the court issuing the order of sale for safekeeping.  The retention period is two years from the date of sale.

Once the District Clerk’s Office receives the excess proceeds from a tax sale, a certified letter will be sent to the defendant within 31 days of receipt. To release the money, we must have a court order signed and dated by the presiding judge. The payor’s name, address, the amount of money as well as the person to whom the check is to be made payable must also be provided within the order.

You may obtain an order to release excess proceeds by hiring an attorney or by going to any law library to obtain information on how to prepare an order.

INTERPLEADER FUNDS

The procedure when two parties are involved in a lawsuit over the right to collect a debt from a third party, who admits the money is owed but does not know which person to pay. The debtor deposits the funds with the court ("interpleads"), asks the court to dismiss him/her/it from the lawsuit, and lets the claimants fight over it in court.

MINOR’S FUNDS

In nearly all cases where the recipient of the judgment is a minor child or an incapacitated person, the judge will order all funds paid into the registry for the clerk to administer.  In such cases, the funds will be invested by the clerk, on written order of the court, in one of the following:

* The Texas Tomorrow Fund, established by Subchapter F, Chapter 54, Education Code;

* In a financial institution doing business in Texas that is insured by the FDIC;

* U.S. treasury bills;

* An eligible interlocal investment pool, that meets the requirements of Sections 2256.016, 2256.017 and 2256.019 of the Government Code; or

* A no-load money-market mutual fund that is regulated by the SEC, has a dollar weighted average stated maturity of 90 days or less, and includes in its investment objectives the maintenance of a stable net asset value of $1 per share.

OIL, GAS & MINERAL LEASE FUNDS

Money consideration paid for the execution of a lease, assignment, or unitization agreement by the receiver must be paid to the clerk of the court in which the case is pending before the receiver executes the instrument.  The court shall apply the money to the costs accruing in the case and retain any balance for the use and benefit of the nonresident or person of unknown residence who owns the mineral or leasehold interest.  Payments made at a later time under the lease, assignment, or unitization agreement shall be paid into the registry of the court and impounded for the use and benefit of the owner of the mineral or leasehold interest.