bond

A sealed obligation to pay money, either absolutely or conditionally. 2 Serg. & R. (Pa.) 502; 11 Ala. 19; 1 Harp. (S. C.) 434; 1 Blackf. (Ind.) 241; 6 Vt. 40; 1 Baldw. (U. S.) 129; 110 Mass. 454. It may be single, — simplex obligatio, — as where the obligor obliges himself, his heirs, executors, and administrators, to pay a certain sum of money to another at a day named, or it may be conditional (which is the kind more generally used), that if the obligor does some particular act, the obligation shall be void, or else shall remain in full force, as payment of rent, performance of covenants in a deed, or repayment of a principal sum of money borrowed of the obligee, with interest, which principal sum is usually one-half of the penal sum specified in the bond. The term is usually applied only to the latter class. 3 Redf. Sur. (N. y.) 459. Certificates of indebtedness issued by corporations and municipal and governmental bodies, are also known as "bonds."

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.

v. To give bond for, as for duties on goods; to secure payment of duties, by giving bond. Bonded, secured by bond. Bonded goods are those for the duties on which bands are given.

A writing under seal by which a person binds himself, his heirs, executors aiid administrators to pay a certain sum to another; usually with a condition added that if the maker, the obligor, does a specified act the obligation shall be void, otherwise remain of force; if without the condition it is called a single bond. An instrument of the nature of such a bond, but having also the qualities of a ne- gotiable instrument, made and issued by the state or by a corporation, municipal or private, for the purpose of borrowing money. Bond tenants: copyholders and customary tenants, v. Forthcoming bond: Income bond; Penalty; Refunding bond.

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. The word "bond" shall embrace every written undertaking 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. 3 Redf. Sur. 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 certificates 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.

An instrument under seal, wherein expresses that he owes or will pay a certain ob Ugee; usually with a condition added, that, performing a certain act or paying another is to be void. Bond and disposition Scotch term for a mortgage of land. holders and customary tenants. Boni et legales homines: good and lawful est ampliare jurisdictionem: it is the to construe his jurisdiction liberally. Boni cium sine dilatione mandare ezecutioni a good judge to put the judgment into Boni judicis est lites diximere, ne lis the duty of a good judge to put an end to grow out of suit.

[Lat. obligatio, scriptum obligatorium.l A deed or instrument under seal, bywhicna person binds or obliges [obligat^ himself, his heirs, executors and administrators, to pay a certain sum of money to another. The party thus binding himself is called the obligor, the party to whom he is bound, the obligee, and the instrument itself an obligation or writing obligatory. There is a condition usually, (and indeed in practice, invariably) added to the bond, that if the obligor does some particular act, the obligation shall be void, or else shall remain in full force.* 2 Bl. Com. 340. 2 St^h. Com. 167. The sum mentioned in the obligatory part of the bond is termed the 2>encdty, and is usually fixed at some high amount, much more than sufficient to cover any possible damage arising from non-observance of the condition. 2 Steph. Com. ub. sup. In money bonds it is always fixed at double the amount intended to be secured. All the definitions in the books describe a bond as a deed, or instrument under seal, and sealing has always been held to be a necessary requisite to its validity. Com. Dig. Obligation, (A). Fait, (A. 2.) Kent, C. J., 6 «7b An«.i2. 239, 244. The term ftonrf, ex vi termini, imports a sealed instrument. Harper, 434. 2 Serg. <k R. 502. 6 Vermont R. 90. 1 Blackf. 241. U. S. Digest, Bond, I. 1. But a bond without a seal was recently held good by the supreme court of the United States. 15 Peters^ R. 290, 315.