ASSIGNMENT OF A BOND, WITH POWER OF ATTORNEY, AND A

COVENANT.

KNOW ALL MEN BY THESE PRESENTS, That

in hand paid by

of the first lawful money of

part, for and in consideration of the sum of the United States of America, to of the second part, at or before the ensealing and delivery of these presents, the receipt whereof is hereby acknowledged, ha bargained, sold, and assigned, and by these presents do bargain, sell, and assign, unto the said party of the second part, executors, administrators, and assigns, a certain written bond or obligation, and conditions thereof, bearing date the day of one thousand eight hundred and executed by

and all sum and sums of money due and to grow due thereon; and the said party of the first part do covenant with the said party of the second part, that there is now due on the said bond or obligation, according to the conditions thereof, for principal and interest, the sum of and do hereby authorize the said party of the second part, in name to ask, demand, sue for, recover, receive, and enjoy the money due and that may grow due thereon as aforesaid.

ASSIGNMENT OF A JUDGMENT, IN THE FORM OF AN INDENTURE.

part, in consideration of

recovered by judgment
the sum of

to

duly paid, ha

NOW THIS INDENTURE WITNESSETH, That the said part

of the first sold, aud by these presents do assign, transfer, and set over unto the said part of the second part, and assigns, the said judgment, and all sum and sums of money that may be had or obtained by means thereof, or on

assigns,

any proceedings to be had thereupon. And the said part of the first part do hereby constitute and appoint the said part of the second part, and true and lawful attorney, irrevocable, with power of substitution and revocation for the use, and at the proper costs and charges of the said part of the second part, to ask, demand, and receive, and to sue out executions, and take all lawful ways for the recovery of the money due or to become due on the said judgment; and on payment to acknowledge satisfaction or discharge the same. And attorneys one or more under for the purpose aforesaid, to make and substitute, and at pleasure to revoke; hereby ratifying and confirming all that said attorney or substitute shall lawfully do in the premises. And the said part of the first part do covenant that there is now due on the said judgment the sum of and that will not collect or receive the same, or any part thereof, nor release or discharge the said judgment, but will own and allow all lawful proceedings therein, the said part of the second part saving the said part of the first part harmless of and from any costs in the premises.

set

IN TESTIMONY WHEREOF, The part of the first part ha hereunto hand and seal the day and year first above written.

of

in consideration of

of

to me paid by

the receipt whereof I do hereby acknowledge, all claims and demands

do hereby assign and transfer to said which I now have, and all which, at any time between the date hereof and the next, I may and shall have, against

day of

day of

for all sums of money due, and for all sums of money and demand which, at any time between the date hereof and the said next, may and shall become due to me, for services as and to hold the same to the said

and assigns, for ever.

And I

To have his executors, administrators,

do hereby constitute and appoint the said

and his assigns to be my attorney irrevocable in the premises, to do and perform all acts, matters, and things touching the premises, in the like manner to all intents and purposes as I could if personally present.

IN WITNESS WHEREOF, I have set my hand and seal, this

day

of

(Signature.)

(Seal.)

Signed, sealed. and delivered in presence of

CHAPTER XIV.

BONDS.

A bargain where both parties make promises, and come under obligations, each to the other, may be made without seal, and would then be called an agreement. If made under seal, it would generally be in the form of, and bear the name of, an indenture. If a promise by one only is made in writing, without a seal, it is a simple promise; but if it be made with a seal, then it would generally be in the form of, and bear the name of, a bond.

The essentials of a bond, beside the seal, are only that one party should acknowledge himself "held, bound, and obliged" unto another party, to pay to him a sum of money; and neither of the words "held or "bound" or "obliged" are strictly necessary, although usual and proper: other words of the same meaning will have the same effect. In such a bond, the party bound is called the obligor, and the party to whom he is bound is called the obligee. The sum for which the obligor is bound is called the penal sum, or the penalty. Such a bond is simply an obligation to pay so much money. But a bond is not often given only for this purpose. It is usually intended to be, in fact, an obligation to do something else, on the penalty of paying so much money if it be not done. This something else may be any thing whatever which the obligor may contract to do. All this is contained in an addition, which is written on the same paper immediately after the bond itself; that is, after the words of obligation. And this is called the "condition" of the bond. It begins with saying, "This bond is on the condition following;" or, "The condition of this bond (or obligation) is such (or as follows)," and then recites the things which the obligor has undertaken to do; and then adds, that if all these things are fully done and performed, then the bond shall be void and of no effect, and otherwise shall remain in full force.

The meaning and effect of all this is, that if the obligor fails, in any respect, to do what the condition recites, then he is bound to pay the money he acknowledges himself, in the bond, bound to pay. But now the law comes in to mitigate the severity of this contract. And whatever be the sum which the obligor acknowledges himself, in the bond, bound to pay, he is held by the courts to pay to the obligee only that amount which will be a complete indemnification

1

to him for the damage he has sustained by the failure of the obligor to do what the condition recites.

For example; suppose A B makes a bond to C D, acknowledg ing himself bound to C D in the sum of ten thousand dollars. The condition recites that one E F has been hired by C D as his clerk, and that A B guarantees the good conduct of E F; and if E F does all his duty honestly and faithfully, then the bond is void, and otherwise remains in full force. Then suppose E F cheats C D out of some money. A B is sued on the bond; CD cannot recover from him, in any event, more than the ten thousand dollars; and he will in fact recover from him only so much of this as will make good to C D all the loss he has sustained by E F's misconduct. As the obligee can recover from the obligor only actual compensation for what he loses, it is usual, in practice, to make the penal sum in the bond large enough to cover all the loss that can happen, or as much as the obligor is willing to be responsible for.

There need be no "consideration" alleged or asserted in the bond, or proved, because, in the language of the law, the seal is (or implies) a consideration.

The following forms are those of bonds frequently given; and it will be easy to frame from some one of them any bond that is wanted for other purposes.

FORMS ANNEXED TO THIS CHAPTER.

(121.) A simple bond, without condition.

(122.) A bond for payment of money, with a condition to that effect, with a power of attorney to confess judgment annexed.

(123.) A bond for conveyance of a parcel of land.

(124.) A bond for a deed of land, with acknowledgment before a notary

public.

(125.) A bond in another form, for conveyance of land, with acknowledgment.

(126.) A bond to a corporation for payment of money due for contribution to capital stock, with a power of attorney to confess judgment.

(121.)

A SIMPLE BOND, WITHOUT CONDITION.

KNOW ALL MEN BY THESE PRESENTS, That I (the obligor), am held and

firmly bound unto (the obligee), in the sum of
the United States of America, to be paid to the said

lawful money of

or his cer

tain attorney, or assigns: to which payment well and truly to be made, I bind myself, my heirs, executors, and administrators, firmly by these presents. Sealed with my seal. Dated the

day of

in the year of our Lord one thousand eight hundred and

BOND FOR PAYMENT OF MONEY, WITH A CONDITION TO THAT EFFECT. WITH POWER OF ATTORNEY TO CONFESS JUDGMENT ANNEXED

attorney, executors, administrators, or assigns: to which payment well and truly to be made, heirs, executors, and administrators, firmly by these presents. Sealed with seal. Dated the

of

day

in the year of our Lord one thousand eight hundred and

THE CONDITION OF THIS OBLIGATION IS SUCH, That if the above bounden heirs, executors, administrators, or any of them, shall and do well and truly pay, or cause to be paid, unto the abovenamed certain attorney, executors, administrators, or assigns, dollars,

the just sum of

without any fraud or further delay, then the above obligation to be void or else to be and remain in full force and virtue.

To

Sealed and delivered in the presence of

(Signature.)

Esq., Attorney of the Court of Common Pleas, at
in the State of

in the county of
of the said court, or of any other court, there or elsewhere.

(Seal.)

or to any other attorney

WHEREAS (the obligor), in and by a certain obligation, bearing even date herewith, do stand bound unto (the obligee), in the sum of

lawful money of the United States of America, conditioned for the payment of

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 me, or my heirs, executors, or administrators, at the suit of the said (the obligee), executors, administrators, or assigns, on the said obligation, as of any term or time past, present, or any other subsequent