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.