of of (124.) BOND FOR A DEED OF LAND, WITH ACKNOWLEDGMENT BEFORE NOTARY PUBLIC. KNOW ALL MEN BY THESE PRESENTS, That of the county held and firmly bound to his executors, administrators, or assigns, to the payment whereof bind and State of in the sum of sel A.D. 186 these presents. Sealed with heirs, executors, and administrators, firmly by seal, and dated the THE CONDITION OF THIS OBLIGATION IS, That if upon payment of within day of the said dollars, and interest, by said years from this date, agreeably to rote of even date herewith, shall convey to said of by a and heirs, for ever, a certain tract of land, situated in the county and State of to wit: deed in common form duly executed and acknowledged, to occupy and improve own use, then this obligation shall be void. and in the mean time shall permit said said premises for before me, the undersigned, notary public in and for said county and State, duly commissioned and qualified, came to be the same person whose name subscribed to the foregoing instrument of writing, as party thereto, and acknowledged the same to be act and deed for the purpose therein mentioned. IN TESTIMONY WHEREOF, I have hereunto set my hand and affixed my official seal, at my office in the city of the day and year last aforesaid. (125.) Notary Public. BOND IN ANOTHER FORM, FOR CONVEYANCE OF AND, WITH which sum, well and truly to be made to heirs, executors, and administrators, I bind myself, my heirs, executors, and administrators. firmly by these presents. Sealed with my seal, and dated this day of A.D. 18 promissory note THE CONDITION OF THE ABOVE OBLIGATION IS SUCH, That whereas the said this day has given the said of even date herewith, promising to pay to the said Now, if, on payment of the said note shall being made on or before the time become due, and all taxes on the land hereinafter described having been paid by the said and no right of pre-emption having been established or claimed on the said land, or any part thereof, the said or his legal representatives shall, conveying to incumbrance or whenever thereunto afterwards requested, execute and deliver to the said legal representatives, a good and sufficient deed, the (here describe the land), free and clear of all then this obligation to be null and void, otherwise of full force and effect; it being distinctly understood and agreed by and between the parties hereto that the time of payment herein above fixed material and of the essence of this contract, and that in case of failure therein the intervention of equity is for ever barred. Signed, sealed, and delivered in presence of STATE OF COUNTY OF I, (Signatures.) (Seals.) hereby certify that whose name in and for the said county, in the State aforesaid, do personally known to me as the same person subscribed to the above bond for deed, appeared before me this day in person, and acknowledged that he signed, sealed, and BOND TO CORPORATION FOR PAYMENT OF MONEY DUE FOR CONTRIBUTION TO CAPITAL STOCK, WITH POWER OF ATTORNEY TO CONFESS JUDGMENT. KNOW ALL MEN BY THESE PRESENTS, That seal. Dated the held and firmly lawful money aforesaid, their payment well and truly Sealed with in the year of onr Lord THE CONDITION OF THIS OBLIGATION IS SUCH, That if the above bounden heirs, executors, and administrators, or any of them, shall and do well and truly pay, or cause to be paid, unto the above-named their certain attorney, successors, or assigns, the just sum of such as abovesaid, at any time within years from the date hereof, together with lawful interest for the same, in like money, payable monthly, on the of each and every month hereafter, and shall also well and truly pay, or cause to be paid, unto aforesaid, their successors or assigns, the sum of the said dollars, on of each and every month hereafter, as and for the monthly contribution on share of the capital stock of aforesaid, now owned by the said without any fraud or further delay; provided, however, and it is hereby expressly agreed, that if at any time default shall be made in the payment of the said principal money when due, or of the said interest, or the monthly contribution on said stock, for the space of after any payment thereof shall fall due, then and ir such case the whole princiaforesaid, their suc pal debt aforesaid shall, at the option of cessors and assigns, immediately thereupon become due, payable, and recoverable, and payment of said principal sum and all interest thereon, as well as any contribution on said share of stock, then due, may be enforced and recovered at once, any thing herein before contained to the contrary thereof notwithstanding. And the said for heirs, executors, administrators, and assigns, hereby expressly waive and relinquish unto aforesaid, their successors and assigns, all benefit that may accrue to by virtue of any and every law, made or to be made, to exempt the premises described in the indenture of mortgage herewith given, or of any other premises whatever, from levy and sale under execution, or any part of the proceeds arising from the sale thereof, from the payment of the moneys hereby secured, or any part thereof, then the above obligation to be void, or else to be and remain in full force and virtue. To Executed and delivered in presence of (Signatures.) (Seals.) Esquire, Attorney of the Court of Common Pleas at in the State of in or to any other attorney, or the county of WHEREAS, ment of the just sum of in and by a certain obligation, bearing even in the sum of date herewith, do stand bound unto lawful money of the United States of America, conditioned for the paysuch as abovesaid, at any time within years from the date thereof, together with lawful interest for the same in like money, payable monthly, on the of each and every month thereafter, and should also well and truly pay or cause to be paid unto aforesaid, their successors or assigns, the sum of dollars, on the of each and every month there aforesaid, now owned by the said share of the after, as and for the monthly contribution on capital stock of without any fraud or further delay; provided, however, and it is thereby expressly agreed, that if at any time default should be made in the payment of the said principal money when due, or of the said interest, or the monthly contribution on said stock, for the space of after any payment thereof should fall due, then and in such case the whole principal debt aforesaid should, at the option of aforesaid, their successors and assigns, immediately thereupon become due, payable, and recoverable, and payment of said principal sum, and all interest thereon, as well as any contribution on said share of stock then due, might be enforced and recovered at once, any thing thereinbefore contained to the contrary thereof notwithstanding. And the said heirs, executors, administrators, and assigns, thereby aforesaid, their successors by virtue of any expressly waive and relinquish unto and assigns, all benefit that might accrue to and every law made or to be made to exempt the premises described in the indenture of mortgage therewith given, or of any other premises whatever, from levy and sale under execution, or any part of the proceeds arising from the sale thereof, from the payment of the moneys thereby secured, or any part thereof. These are to desire and authorize you, or any of you, to appear for heirs, executors, or administrators, in the said court or elsewhere, in an action of debt, there or elsewhere brought or to be brought, against heirs, executors, or administrators, at the suit of aforesaid, their successors or assigns, on the said obligation, as of any term or time past, present, or any other subsequent term or time, there or elsewhere to be held, and confess or enter judgment thereupon against heirs, executors, or administrators, for the sum of lawful money of the United States of America, debt, besides costs of suit, in such manner as to you shall seem meet; and for your or any of your so doing this shall be your sufficient warrant. And heirs, executors, and administrators, remise, release, and for ever quitclaim unto aforesaid, their certain attorney, successors, and assigns, all and all manner of error and errors, misprisions, misentries, defects, and imperfections whatever, in the entering of the said judgment, or any process or proceedings thereon or thereto, or anywise touching or concerning the same. CHAPTER XV. GUARANTY. SECTION I. OF THE RIGHTS AND DUTIES OF A GUARANTOR. A guarantor is one who is bound to another for the fulfilment of a promise, or of an engagement, made by a third party. This kind of contract is very common. Generally, it is not negotiable; that is, not transferable so as to be enforced by the transferee as if it had been given to him by the guarantor. No special form or words are necessary to the contract of guaranty; and if the word "guarantee" be used, and the whole instrument contains all the characteristics of a note of hand, payable to order or bearer, then it is negotiable. Thus, in a case in New York, the instrument was as follows: "For and in consideration of thirty-one dollars and fifty cents received of B. F. Spencer, I hereby guarantee the payment and collection of the within note to him or bearer. Auburn, Sept. 25, 1837. (Signed) Thomas Burns." And it was held negotiable. What negotiable means will be more fully explained in the chapter on Notes of Hand and Bills of Exchange. The guaranty may be enforced, although the original debt cannot; as, for example, the guaranty of the promise of a wife or an infant; and sometimes the guaranty of a debt is requested, and given, for the very reason that the debt is not enforceable at law. But, generally, the liability of the principal measures and limits the liability of the guarantor. And if the creditor agrees with the principal debtor that the debt shall be reduced or lessened in a certain proportion, the obligation of the guarantor is reduced by law in an equal proportion. A contract of guaranty is construed somewhat strictly. Thus, a guaranty of the notes of one does not extend to notes which he gives jointly with another. A guarantor who pays the debt of the principal may demand from his creditor the securities he holds, although not an assignment of the debt itself or of the note or bond which declares the debt, for that is paid and discharged. And the creditor should not be permitted to resort to the guarantor, until he has collected as much as he can from these securities, or offers to transfer them to the guarantor. Unless the guaranty is by a sealed instrument, there must be a consideration to support it. If the original debt or obligation rest upon a good consideration, this will support the promise of guar |