BOND - Black's Law Dictionary

A certificate or evidence of a debt. State v. Merchants Nat. Bank of Mobile, 230 Ala. 661, 162 So. 270; First State Bank of Kansas City v. Bone, 122 Kan. 493, 252 P. 250, 254. A contract. Cusack v. McGrain, 136 Ohio St. 27, 23 N.E.2d 633, 635. A debt on which interest is paid. Commissioner of Internal Revenue v. H. P. Hood & Sons, C.C.A.1, 141 F.2d 467, 469. 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. Gural v. Engle, 128 N.J.L. 252, 25 A.2d 257, 260; Commonwealth, for Use of Fayette County v. Perry, 330 Pa. 355, 199 A. 204, 206. A mere promise to pay. Deppe v. Lufkin, C.C.A.Mass., 116 F.2d 483, 486. A specialty or sealed instrument and not merely a written instrument. Forrest v. Hawkins, 169 Va. 470, 194 S.E. 721, 722. A written obligation. Davis v. Phipps, 191 Ark. 298, 85 S.W.2d 1020, 1023, 100 A.L.R. 1110; Covington Virginian v. Woods, 182 Va. 538, 29 S.E.2d 406; Code Miss.1930, § 1365. An instrument which is not necessarily under seal. Carson, Pirie, Scott & Co. v. Duffy-Powers, Inc., D.C.N.Y., 9 F.Supp. 199, 201; Code Miss.1930, § 1365. An instrument with 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. And see Stifel Estate Co. v. Cella, 220 Mo.App. 657, 291 S.W. 515, 518. Any contractual funding device. Leon County v. State, 122 Fla. 505, 165 So. 666. Debentures. First State Bank of Kansas City v. Bone, 122 Kan. 493, 252 P. 250, 254. Obligation to pay interest embodied in bonds as included in word "bonds." Eisiminger v. Elliott, Colo., 103 Colo. 216, 84 P.2d 823, 825.
In old Scotch law. A bond-man; a slave. Skene.

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."

Royal Oak Drain. Dist., Oakland County v. Keefe, C.C.A. Ohio, 87 F.2d 786. Word "bons" in statute held applicable to a single bond. Lien Law N.Y. § 231. In re Downtown Athletic Club of New York City, D.C.N.Y., 18 F.Supp. 712, 715.

As a verb, to place under the cohditions of a bond; specif. : to convert into a debt secured by bonds. State ex rel. Pittman Bros. Const. Co. v. Watson, 199 La. 623, 6 So.2d 709, 712. 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 bonds are given.

Bond and Disposition in Security

In Scotch law. A bond and mortgage on land.

Bond and Mortgage

A species of security, consisting of a bond conditioned for the repayment of a loan of money, and a mortgage of realty to secure the performance of the stipulations of the bond. Meigs v. Bunting, 141 Pa. 233, 21 A. 588, 23 Am.St. Rep. 273.

A bond and mortgage are distinct and separate securities. In re Maroney's Estate, 311 Pa. 336, 166 A. 914, 915. "Bond" is primarily contract to pay while "mortgage" is separate contract to secure payment. Mendelson v. Realty Mortg. Corporation, 257 Mich. 442, 241 N.W. 154, 155.

Investment in certificates of participation in bonds and mortgages as within statute authorizing investment in "bonds and mortgages". In re Smith, 279 N.Y. 479, 18 N.E.2d 666, 670.

Bond Creditor

A creditor whose debt is secured by a bond.

Bond for Deed

An agreement to make title in the future or an executory or incomplete sale. Ingram v. Smith, 62 Ga.App. 335, 7 S.E.2d 922, 926. An agreement to buy and sell real estate on small monthly payments. Galverina v. Ben L. Lewis Corporation, La.App., 165 So. 29.

Bond for Title

An agreement to make title in the future or an executory or incomplete sale. Ingram v. Smith, 62 Ga.App. 335, 7 S.E.2d 922, 926. White v. Stokes, 67 Ark. 184, 53 S.W. 1060.

In re Phcenix Planing Mill, D.C.Ga., 250 F. 899, 903. It is not a conveyance of legal title but only a contract t,') convey and may ripen into an equitable title upon payment of the consideration. Faddell v. Taylor, Tex.Com.App., 239 S.W. 931, 932.

Bond Issue

Delivery of instruments as covered by term. Vans Agnew v. Fort Myers Drainage Dist., C.C.A.Fla., 69 F.2d 244, 245.

Bond of Indebtedness

Instruments containing promise to pay sum certain under seal and issued in series in nature of corporate securities. Bellefield Co. v. Heiner, D.C.Pa., 26 F.2d 292, 293. A temporary bond in registered form issued by public service corporation. Wisconsin Public Service Corporation v. United States, D.C.Wis., 40 F.Supp. 327, 330.

Bond of Such Ordinary

Bond that the ordinary gives for the faithful performance of duties as clerk. Jones v. Reed, 58 Ga.App. 72, 197 S.E. 665, 668.

Bond Tenants

In English law. Copyholders and customary tenants are sometimes so called. 2 Bi.Comm. 148.

Bond with Surety

Bond executed without surety but accompanied by certified check as substitute. Clinch Valley Lumber Corporation v. Hagan Estates, Inc., 167 Va. 1, 187 S.E. 440, 441.

Bonds of State or Public Corporation

State's or city's general obligation bonds. City of Los Angeles v. Agardy, 1 Ca1.2d 76, 33 P.2d 834, 835.

Claim Bond

Primarily in nature of forthcoming bond. Sanders v. Farrier, Tex.Civ.App., 271 S.W.2d 293, 298.

Corporate Bonds

See Corporate Bonds.

Forthcoming Bond

A bond conditioned that a certain article shall be forthcoming at a certain time or when called for. See Claim bond.

General Mortgage Bond

A bond secured upon an entire corporate property, parts of which are subject to one or more prior mortgages.

Heritable Bond

In Scotch law, a bond for a sum of money to which is joined a conveyance of land or of heritage, to be held by the creditor in security of the debt.

Income Bonds

Bonds on which interest is payable only when earned and after payment of interest upon prior mortgages.

Indemnity Bond

See Indemnity Bond.

Liability Bond

One which is intended to protect the assured from liability for damages or to protect the persons damaged by injuries occasioned by the assured as specified, when such liability should accrue, and be imposed by law, as by a court, as distinguished from an indemnity bond, whose purpose is only to indemnify the assured against actual loss by way of reimbursement for moneys paid or which must be paid. Fenton v. Poston, 114 Wash. 217, 195 P. 31, 33.

Lloyd's Bond

A bond issued for work done or goods delivered and bearing interest.

Municipal Bond

See Municipal bonds.

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.

Railroad Aid Bonds

Bonds issued by municipal corporations to aid in the construction of railways.

Redelivery Bond

A statutory bond given by a person in whose possession attached property is found in order to regain possession of the property. Burnham-Munger-Root Dry Goods Co. v. Strahl, 102 Neb. 142, 166 N.W. 266.

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.R.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.

Straw Bond

A bond upon which is used either the names of fictitious persons or those unable to pay the sum guaranteed; gen- erally applied to insufficient bail bonds, improperly taken.

 

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