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."