Shipping. dollars, to me in hand paid, the receipt whereof I hereby acknowledge, have bargained and sold, and by these presents do bargain and sell, unto Y. Z., of the said sloop, together with the mast, bowsprit, sails, boats, anchors, cables, and other appurtenances thereunto appertaining and belonging. TO HAVE AND TO HOLD the said sloop, and appurtenances thereunto belonging, unto him, the said Y. Z., his executors, administrators, and assigns, to his and their sole and only proper use, benefit, and behoof forever. AND FURTHER, I do hereby promise, covenant, and agree, for myself, my heirs, executors, and administrators, to and with the said Y. Z., his executors, administrators, and assigns, to warrant and defend the title to the said sloop, and the appurtenances aforesaid, against all and every person and persons whomsoever. of IN WITNESS WHEREOF, I have hereunto set my hand and seal, this day in the year one thousand eight hundred and 2 Sealed and delivered in presence of, 'Signature and seal.] [Signature of witness.] 368. Bill of Sale of Stocks Already Pledged to Another. WHEREAS, I, A. B., of and Y. Z. in the sum of , hotel-keeper, am justly indebted to W. X. dollars; therefore, in consideration of such indebtedness, and of one dollar to me in hand paid by said W. X. and Y. Z., I hereby sell, assign, transfer, and set over to them shares of the capital stock of the belonging to me, and now held by M. N., subject, however, to such claims as said M. N. may have on the same. Bank, in the city of TO HAVE AND TO HOLD the said stock (subject as aforesaid) to the said⚫ W. X. and Y. Z., and their legal representatives and assigns forever, to be applied to the payment of such indebtedness; and for the purpose of enabling said W. X. and Y. Z. to demand, receive, collect, and dispose of said stock and said interest, I hereby appoint and constitute them my true and lawful attorneys, and authorize them to take all lawful means they may deem necessary and proper, in my name or otherwise, but at their own cost and expense, to collect, receive, and realize said stock and interest, and to settle, negotiate, and arrange the same, and to transfer said stock, and to do and perform every act and thing necessary to be done in the premises as if I, the said A. B., was personally present and assenting thereto. IN WITNESS WHEREOF, I have hereunto set my hand and seal, this day [Signature and seal.] General Rules Regarding Bonds. CHAPTER XVII. BONDS. A BOND is a written instrument under seal, by which the maker acknowledges some liability or duty, with a penalty for non-fulfilment. The maker of the bond is called the obligor; the person to whom it is made, the obligee. A seal is generally regarded as essential to the idea of a bond, although in some of the States it is not so. As to what is sufficient to constitute a seal, see the titles of the respective States in the chapter on ACKNOWLEDGMENT OF DEEDS. No particular form of words is essential to constitute a bond, but any words which declare the intention of the parties, and denote that one is bound to the other, will be sufficient. The apt and appropriate form, however, is, first, a clause declaring that the obligor is bound to the obligee in a specified sum of money, for the payment of which he usually stipulates that he binds his heirs as well as his executors and administrators. The effect of this is to render the heirs liable upon it to the extent of the property which they inherit from him. This first part of the bond, which is termed the penal clause or the obligation, closes with a statement that the instrument is sealed, and of the date thereof. If nothing further is added, the instrument is termed a single bond, or bill penal. Usually, a condition is inserted before the signatures; the object of the condition is to state the acts, a performance of which on the part of the obligor or others will exonerate him from liability for the penalty. If the liability is intended to be limited by the circumstances or object under which the bond is given, they may conveniently be stated in a recital introducing the condition. The chief differences between a bond and an unsealed note are, that the seal imports a sufficient consideration to make the instrument binding; that the bond is not barred by the Statute of Limitations until the lapse of twenty years; that the remedy may survive against the heirs if they are mentioned ;(a) and that a surety joining is not bound beyond the amount of the penalty. A surety joining in a bond is bound to the obligee in the same sense as the principal, unless the bond is otherwise expressed; but he will be exonerated if the obligee, without his knowledge or consent, alters the obligation of the principal, to the prejudice of the surety. If those first signing a bond desire not to be bound unless all whom they expect to sign, do so, they should declare their execution of it to be on this condition; and this should, for convenience, be expressed in the bond. Where a bond is prescribed by a statute, it will be deemed valid if it conform substantially to the requirements of the statute, and do not vary in any matter to the prejudice of the party from whom it is exacted; and it will be deemed sufficient as towards the party to whom, or for whose benefit, such bond is given, if it do not vary to the prejudice of his rights. But every material requirement must be observed. If the bond contains any thing illegal, the whole is void. If it contains any thing superfluous which is not illegal, the excess is only void. If any material thing is omitted, the statute is not complied with. A bond should be completely written, as to all material parts, before it is delivered. The practice of executing and delivering, with any essential thing omitted, to be inserted afterwards by another person than the obligor, is to be avoided. According to the view of the law which obtains in several of the States, such an instrument is wholly void. (a) By the statutes of New York and some other States the heir may be held liable for any debts of the ancestor, to the extent of the value of the inheritance. In some of the States, too, the use of seals upon private writings is abolished by law. Analysis of Chapter. I. BONDS CONDITIONED FOR THE PAYMENT OF MONEY ONLY. PAGE 869. Short form of bond for payment of money, with or without penalty. 178 870. Common form of bond for payment of money. 178 871. The same; with interest periodically meanwhile.... 173 872. The same; for payment in equal annual instalments, with interest annually on what remains unpaid...................... 873. The same; for payment in unequal instalments with interest...... 174 875. The same; for payment after death of third person 879. Signature by an obligor who will not be bound unless others sign.. 177 888. Form of coupons or interest warrants annexed to negotiable bond.. 181 889. Bond with warrant of attorney to confess judgment... 181 ... 890. Short form of the same.. 182 391. Collateral bond for the payment of money already secured by mortgage only...... 182 892. Collateral bond by surety, for payment of money already secured by bond and mortgage.. 183 893. Bond for payment of an annual sum to two persons and the survivor for life 183 894. Bond for payment of an annuity for a term of years.. 184 895. Bond for payment of money upon expiration of apprenticeship, or upon marriage.... 184 896. Bond or bill for an unliquidated sum.... 185 897. Bond by debtors to pay according to a composition deed.. 185 II. BOTTOMRY AND RESPONDENTIA BONDS. 398. Bottomry bond............. 186 899. Bottomry bond by a part owner, signing as attorney for other owner..... 187 400. Respondentia bond... 188 III. BONDS FOR THE PERFORMANCE OR NON-PERFORMANCE OF VARIOUS ACTS. 401. Bond for the performance of covenants........ .... 189 402. Bond that a warranty shall be kept.. 189 ....... 403. Bond for repayment of purchase-money, on a breach of warranty. 190 404. Bond for a deed, by vendor to purchaser 190 405. Bond with surety, to execute a conveyance... 191 406. Bond to give a quit-claim 192 407. Bond that a third person shall convey on coming of age 411. Bond by vendor, to deliver lost title-deeds when found, and to in demnify against encumbrances... 194 Bonds. PAGE 412. Bond by part owners of a ship, on selling the same, to procure bill of sale from the other part owner 194 418. Bond of tenant, with surety, for the payment of rent.. 195 196 415. Bond, with surety, to deliver to sheriff goods levied on, and left in defendant's possession...... 196 416. Bond to executors, etc., to refund legacy if assets prove insufficient 197 417. Bond to executors, etc., on payment of a legacy to a minor........ 198 418. Bond to maintain two persons for life.... 198 419. Bond to marry, or to pay a sum of money.. 199 420. Bond to contribute to the support of an illegitimate child.. 199 199 200 428. Bond, for clothing, and in sickness maintaining an apprentice, and for his fidelity... 200 424. Bond of master, to discharge an apprentice before the expiration of his term.... 201 425. Bond to indemnify a master for discharging an apprentice.. 202 202 203 203 429. Bond for the fidelity of the treasurer of an unincorporated associ ation 204 480. Bond for the fidelity of the cashier or teller of a bank 204 IV. BONDS OF INDEMNITY. 481. Bond, with surety, to indemnify the sheriff on levying an execution 205 432. Bond, with surety, to indemnify maker of note, or acceptor of bill for accommodation, from loss thereby.... 488. Bond to indemnify partners having indorsed for accommodation, against liability thereby...... 206 206 484. Bond by a person carrying on business in the name of another, to indemnify the latter from loss or damage... 207 435. Bond to indemnify tenant on paying rent when title is in dispute.. 208 486. The same, another form; requiring recovery against the tenant.... 208 437. Bond to indemnify against claim of dower 209 438. Bond to indemnify on paying a lost note or bill.. 209 210 440. Bond to indemnity a surety in a bond for payment of money...... 445. Affidavit of the sufficiency of sureties, to be indorsed on the foregoing bond 446. Clerk's certificate of approval of sureties.. 213 218 I. BONDS CONDITIONED FOR THE PAYMENT OF MONEY ONLY. The penal sum is usually twice the principal intended to be secured. If no place of payment is specified, it will be for the obligor to seek the obligee. If the place is specified, the obligee is not bound to accept payment elsewhere. If no time is specified, the bond is payable forthwith. If the payment is required to be General Principles. Money Bonds. "within" a certain period, or to be " on or before" a certain day, the obligor may pay at any time before the last day has passed. Where successive payments of interest or principal are stipulated for, the condition may provide that, upon default in any one, the obligee may elect to require payment of all; otherwise, he can only proceed for that which is in default. 369. Short Form of Bond for Payment of Money, With or Without Penalty. KNOW ALL MEN by the presents, that I, A. B., of in the county of and State of am bound unto Y. Z., of dollars, on the day of 18 with interest at ment of per cent. per annum; for which I bind myself, my heirs, executors, and administrators, to the said Y. Z., his executors, administrators, and assigns [in the penal sum of dollars]. WITNESS my hand and seal, this 870. Common Form of Bond for Payment of Money.(a) in KNOW ALL Men by these presents, that I, A. B., of the town of the county of and State of " , merchant, am held and firmly bound unto Y. Z., of the said town, farmer, in the sum of. dollars [inserting the penal sum, which is commonly double the amount of the principal sum intended to be secured, in order to cover interests, costs, expenses, and other contingencies], good and lawful money of the United States, to be paid the said Y. Z., his executors, administrators, or assigns, for which payment well and truly to be made I do bind myself, my heirs, executors, and administrators, firmly by these presents. day of 18 Sealed with my seal, and dated the THE CONDITION of this obligation is such, that if the above-bounden A. B., his heirs, executors, and administrators, or any of them, shall well and truly pay, or cause to be paid, unto the above-named Y. Z., his executors, administrators, or assigns, the just and full sum of dollars [inserting * per the principal intended to be secured], with interest at the rate of cent. per annum [or, with legal interest] for the same, on [or before](b) the day which will be in the year one thousand eight hundred and without fraud or other delay, then this obligation is to be void, otherwise to remain in full force. 371. The Same; With Interest Periodically Meanwhile. [As in Form 370, substituting, instead of the words between the **, the following:] the just and full sum of |