Penal bond
Black's Law Dictionary · Henry Campbell Black, M.A. · 1910
Black's Law Dictionary
A band promising to pay a named sum of money (the penalty) with a condition underwritten that, if a stipulated collateral thing, other than the payment of money, be done or forborne, as the case may be, the obligation shall be void.
Bum-side v. Wand, 170 Mo. 531, 71 S. W. 337, 62 L. R. A. 427.