The main function of a notary public is to invest their power to witness a signature, administer oaths and administrations, as well as a few other tasks. Some common documents that need a notary to witness a signature can be for a marriage license or a deed.
Since notaries hold a great deal of power with their signature, some notaries are required to be bonded. This bond ensures the notary will carry out their duties legally by covering the damages sustained by anyone who is affected by the notary’s misconduct or negligence.
The surety bond is a financial guarantee that the person who loses money at fault of the notary will be reimbursed up to the bond’s limit.
Clients of the notary will have a peace of mind with a surety bond since it expresses that the notary is licensed and has funds to reimburse the client in the case of faulty work.
The three parties of a notary surety bond are:
Obligee- The state requiring the surety bond
Surety- The Surety company that underwrites the bond