Bond

[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.