Definition of Bond

n. A contract by specialty to pay a certain sum of money; being a deed or instrument under seal, by which the maker or obligor promises, and thereto binds himself, his heirs, executors, and administrators, to pay a designated sum of money to another; usually with a clause to the effect that upon performance of a certain condition (as to pay another and smaller sum) the obligation shall be void. U. S. v. Rundle, 100 Fed. 403, 40 C. C. A. 450; Turck v. Mining Co., 8 Colo. 113, 5 Pac. 838; Boyd v. Boyd, 2 Nott & McC. (S. Ct) 126. The word "band" shall embrace every written undertaking for the payment of money or acknowledgment of being bound for money, conditioned to be void on the performance of any duty, or the occurrence of anything therein expressed, and subscribed and delivered by the party making it, to take effect as his obligation, whether it be sealed or unsealed ; and, when a bond is required by law. an undertaking in writing without seal shall be sufficient. Rev. Code Miss. 1880, § 19. The, word "bond" has with us a definite legal signification. It has a clause, with a sum fixed as a penalty, binding the parties to pay the same, conditioned, however, that the payment of the penalty may be avoided by the performance by some one or more of the parties of certain acts. In re Fitch, 3 Redf. Sur. (N. Y.) 459. Bonds are either single (simple) or double, (conditional.) A single bond is one in which the obligor binds himself, his heirs, etc., to pay a certain sum of money to another person at a specified day. A double (or conditional) bond is one to which a condition is added that if the obligor does or forbears from doing some act the obligation shall be void. Formerly such a condition was sometimes contained in a separate instrument, and was then called a "defeasance." The term is also used to denote debentures or cortificates of indebtedness issued by public and private corporations, governments, and municipalities, as security for the repayment of money loaned to them. Thus, "railway aid bonds" are bonds issued by municipal corporations to aid in the construction of railroads likely to benefit them, and exchanged for the company's stock. In old Scotch law. A bond-man; a slave. Skene.
—Bond and disposition in security. In Scotch law. A bond and mortgage on land.
— Bond and mortgage. A species of security, consisting of a band conditioned for the repayment of a loan of money, and a mortgage of realty to secure the performance of the stipulations of the band. Meigs v. Bunting, 141 Pa. 233, 21 Atl. 588, 23 Am. St. Rep. 273.
—Bond creditor. A creditor whose debt is secured by a bond.
—Bond for title. An obligation accompanying an executory contract for the sale of land, binding the vendor to make good title upon the performance of the conditions which entitle the vendee to demand a conveyance. White v. Stokes, 07 Ark. 184, 53 S. W. 1060.
— Bond tenants. In English law. Copyholders and customary tenants are sometimes so called. 2 Bl. Comm. 148.
—Official bond. A bond given by a public officer, conditioned that he shall well and faithfully perform all the duties of the office. The term is sometimes made to include the bonds of executors, guardians, trustees, etc.
—Simple bond. At common law, a bond without penalty ; a bond for the payment of a definite sum of money to a named obligee on demand or on a day certain. Burnside v. Wand, 170 Mo. 531, 71 S. W. 337, 62 L. It A. 427.
—Single bond. A deed whereby the obligor obliges himself, his heirs, executors, and administrators, to pay a certain sum of money to the obligee at a day named, without terms of defeasance.