bond

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bond

n. 1) written evidence of debt issued by a company with the terms of payment spelled out. A bond differs from corporate shares of stock since bond payments are pre-determined and provide a final pay-off date, while stock dividends vary depending on profitability and corporate decisions to distribute. There are two types of such bonds: "registered" in which the name of the owner is recorded by the company and "bearer" in which interest payments are made to whomever is holding the bond. 2) written guaranty or pledge which is purchased from a bonding company (usually an insurance firm) or by an individual as security (called a "bondsman") to guarantee some form of performance, including showing up in court ("bail bond"), properly complete construction or other contract terms ("performance bond"), that the bonded party will not steal or mismanage funds, that a purchased article is the real thing, or that title is good. If there is a failure then the bonding company will make good up to the amount of the bond.

bond

a written acknowledgment of an obligation to pay a sum or to perform a contract. A legal tie.

BOND, contract. An obligation or bond is a deed whereby the obligor, obliges himself, his heirs, executors and administrators, to pay a certain sum of money to another at a day appointed. But see 2 Shepl. 185. If this be all, the bond is called a single one, simplex obligatio; but there is generally a condition added, that if the obligor pays a smaller sum, or does, or omits to do some particular act, the obligation shall be void. 2 Bl. Com. 840. The word bond ex vi termini imports a sealed instrument. 2 S. & R. 502; 1 Bald. R. 129; 2 Porter, R. 19; 1 Blackf. R. 241; Harp. R. 434; 6 Verm. R. 40. See Condition; Interest of money; Penalty. It is proposed to consider: 1. The form of a bond, namely, the words by which it may be made, and the ceremonies required. 2. The condition. 3. The performance or discharge.
     2.- I. 1. There must be parties to a bond, an obligor and obligee : for where a bond was made with condition that the obligor should pay twenty pounds to such person or persons; as E. H. should, by her last will and testament in writing, name and appoint the same to be paid, and E. H. did not appoint any person to, whom the same should be paid, it was held that the money was not payable to the executors of E. H. Hob. 9. No particular form of words are essential to create an obligation, but any words which declare the intention of the parties, and denote that one is bound to the other, will be sufficient, provided the ceremonies mentioned below have been observed. Shep. Touch. 367-8; Bac. Abr. Obligations, B; Com. Dig. Obligations, B 1.
     3. - 2. It must be in writing, on paper or parchment, and if it be made on other materials it is void. Bac. Abr. Obligations, A.
     4. - 3. It must be sealed, though it is not necessary that it should be mentioned in the writing that it is sealed. As to what is a sufficient sealing, see the above case, and the word Seal.
     5. - 4. It must be delivered by the party whose bond it is, to the other. Bac. Abr. Obligations, C. But the delivery and acceptance may be by attorney. The date is not considered of the substance of a deed, and therefore a bond which either has no date or an impossible one is still good, provided the real day of its being dated or given, that is, delivered, can be proved. 2 Bl. Com. 304; Com. Dig. Fait, B 3; 3 Call, 309. See Date.
     6. - II. The condition is either for the payment of money, or for the performance of something else. In the latter case, if the condition be against some rule of law merely, positively impossible at the time of making it, uncertain or insensible, the condition alone is void, and the bond shall stand single and unconditional; for it is the folly of the obligor to enter into such an obligation, from which he can never be released. If it be to do a thing malum in se, the obligation itself is void, the whole contract being unlawful. 2 Bl. Com. 340; Bac. Abr. Conditions, K, L; Com. Dig. Conditions, D 1, D 2, D 3, D 7, D 8.
     7. - III. 1. When, by the condition of an obligation, the act to be done to the obligee is of its own nature transitory, as payment of money, delivery of charters, or the like, and no time is limited, it ought to be performed in convenient time. 6 Co. 31 Co. Lit. 208; Roll. Abr. 436.
     8. - 2. A payment before the day is good; Co. Lit. 212, a; or before action brought. 10 Mass. 419; 11 Mass. 217.
     9. - 3. If the condition be to do a thing within a certain time, it may be performed the last day of the time appointed. Bac. Abr. Conditions, P 3.
    10. - 4. If the condition be to do an act, without limiting any time, he who has the benefit may do it at what time he pleases. Com. Dig. Conditions, G 3.
    11. - 5. When the place where the act to be performed is agreed upon, the party who is to perform it, is not obliged to seek the opposite party elsewhere; nor is he to whom it is to be performed bound to accept of the performance in another place. Roll. 445, 446 Com. Dig. Conditions, G 9 Bac. Abr. Conditions, P 4. See Performance.
    12. - 6. For what amounts to a breach of a condition in a bond see Bac. Abr. Conditions, 0; Com. Dig. Conditions, M; and this Dict. tit. Breach.

References in periodicals archive ?
The city of Eugene invested in the tax bond anticipation notes in November 2010, Cutsogeorge said.
The open-ended use of residual revenues for general state operations keeps the rating below the maximum three notches above the state's IDR allowable under Fitch's criteria for state dedicated tax bonds rated with regard to the state's IDR.
The County of Monroe is requesting a proposal to provide the required short-term tax bond covering 40% of the summer 2016 general property taxes collected among all townships and city taxing units in Monroe County.
The city's governmental debt is comprised of excise tax revenue bonds; a portion of the excise tax bonds is repaid from net revenues of the city's wastewater utility and is therefore considered self-supporting.
These are known as "severance taxes," and they pay back severance tax bonds, which are released for across-the-state projects.
The 'AA' rating on the sales tax bonds reflects solid growth prospects and Fitch's expectation for sound protection against cyclical declines.
'Though legislation has been done for income tax bonds, refund cases are not being processed.'
Changes can occur with the tax rate, and voters can pass tax bonds. This is an important part of your PITI to pay attention to.
The characteristics of proposed bonds will also be similar to those of the Sales Tax Bonds.
The village intends to sell general obligation limited tax bonds, which can be issued without a referendum.
Proceeds will be used to refund all of the district's outstanding limited tax bonds as approved in the Confirmation Order (the order) of the district's plan of adjustment.
Economist Vladimir Gligorov in UTRINSKI VESNIK explains that if the current and future joint debts are transferred to the tax bonds of the Eurozone, almost every tax system will more burden creditors than insolvents.