A Missouri Corporate Surety Bond (Creditors Refusal) is a type of surety bond that provides protection for creditors against financial loss due to a debtor's refusal to honor their financial obligations. It is required by the State of Missouri for all corporations that enter into a contract with creditors. The bond is designed to protect creditors from financial loss if the corporation defaults on the contract. There are two types of Missouri Corporate Surety Bond (Creditors Refusal): the Simple Corporate Surety Bond and the Complex Corporate Surety Bond. The Simple Corporate Surety Bond is the less expensive of the two and is used when a corporation is only required to pay a single debt. The Complex Corporate Surety Bond is the more expensive of the two and is used when a corporation is required to pay multiple debts.
Missouri Corporate Surety Bond (Creditors Refusal)
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FAQ
Most estates in Missouri will need to go through probate. However, there is a simplified procedure for small estates. Estates valued at $40,000 or less may qualify. You must submit a written request for the simplified procedure and take responsibility for all debts to be paid and other inheritors.
One of the most common probate shortcuts is a refusal of letters (?Refusals?), which allows the collection of the Deceased's solely-owned asset(s) when the value of said asset(s) is less than $24,000.
As explained above, probate is required when a person dies, still has property titled into his or her name after death, and there is no beneficiary named on such property.
Amount Limit: $15,000 is the limit that can be transferred under a Creditor's Refusal of Letters.
MO Specifics In Missouri, creditors have 1 year from the decedent's death to file a claim against the estate, or 6 months from the initial publication of the executor appointment notice, whichever comes earlier.
Refusals of Letters One of the most common probate shortcuts is a refusal of letters (?Refusals?), which allows the collection of the Deceased's solely-owned asset(s) when the value of said asset(s) is less than $24,000.
This form Petition for Letters Testamentary is to request the Court appoint a personal representative and open a full administration estate for a decedent who died with a will. This Petition for Probate of Will is to request that a will of the decedent be admitted to probate.