Bond

Bond in United States

Bond Definition

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.

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Bond Bond in the Employment and Labor Portal of the American Encyclopedia of Law.
Bond Bond in the Personal Injury and Tort Portal of the American Encyclopedia of Law.
Bond Bond in the Environmental Law Portal of the American Encyclopedia of Law.

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Legal Issue for Attorneys

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.

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Notice

This definition of Bond is based on The Cyclopedic Law Dictionary. This entry needs to be proofread.

Practical Information

Note: Some of this information was last updated in 1982

A written promissory agreement, traditionally under seal (in U.S. law), by which one party, which may be a corporation, governmental unit, or other body, promises to pay a stated sum of money at some specified future time (known as the maturity date) and to pay interest at a stated rate at specified dates until the maturity date. The obligation or debt is evidenced by the written certificate for a stated amount and for a stated term. See also bond (in U.S. law) and mortgage (in U.S. law); bond issue (in U.S. law): corporate mortgage bond (in U.S. law).

(Revised by Ann De Vries)

What is Bond?

For a meaning of it, read Bond in the Legal Dictionary here. Browse and search more U.S. and international free legal definitions and legal terms related to Bond.

Bond in Immigration Law

In this area of law, Bond means: The amount of money set by the Department of Homeland Security or an Immigration Judge as a condition to release a person from detention for an Immigration Court hearing at a later date.

Concept of Bond in Foreign Trade

A definition of Bond in relation with foreign trade is provided here: An instrument used by CBP as security to ensure the payment of duties, taxes and fees and/or compliance with certain requirements such as the submission of manifest information.


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