Except as otherwise provided by law, every court-ordered bond or similar undertaking must be secured by:
(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.
A person executing a bond as a surety pursuant to subdivision A(3) of this rule shall attach an affidavit of justification, giving the full name, occupation, residence, and business addresses and showing that person owns real or personal property within this district which, after excluding property exempt from execution and deducting that person's debts, liabilities, and other obligations (including those which may arise by virtue of that person's suretyship on other bonds or undertakings), is properly valued at no less than twice the amount of the bond.
No member of the bar nor any officer or employee of this Court or of the Clerk's office shall act as surety in any action or proceeding in this Court.
D. Bond Must Be Approved by Judge or Clerk
Every bond or similar undertaking must be approved by the judge, or by the clerk pursuant to Rule 409.
Committee Note: This rule is based on local General Rule 26. Section D is new. Section A distinguishes court-ordered bonds from trustee bonds which are provided under procedures supervised by the U.S. Trustee.