Lost Note Bond

Also known as a lost instrument bond, a lost note bond is issued when a person misplaces a note in trust, such as a real estate trust note, stock certificate, or cashier’s check. There is no minimum or maximum bond amount for a lost note bond.

A lost trust note surety bond is required by banks or other financial institutions and is provided to the lender when the beneficiary cannot be located to file a reconveyance. Reconveyance is when the real estate title is transferred from the trustee back to the borrower when the secured debt is paid in full.

Lost note bonds are legally-binding contracts between three parties:

The obligee—is the government agency requiring the lost note bond

The principal—the agent or person purchasing the bond

The surety—the underwriter providing the lost note bond

A lost note bond is not an insurance policy. If the agent does not meet their contractual obligations, a claim may be filed against the bond. The agent is liable for their own contractual obligations and must repay the surety bond for any damages incurred.

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