No. CXCIII. *A Bond by the Father of an Apprentice to provide him with Clothes, &c. during his Apprenticeship.. BONDS. Apprentice (clothes). KNOW ALL MEN, &c. (1) WHEREAS (apprentice), son of the above Recital. date of the said indentures of apprenticeship, the said (obligor) pro- (1) See form of obligation, ante, p. 77, see also 73, notes. Obligation. BONDS. Apprentice (clothes). embezzlement aforesaid, either by sufficient testimony of witnesses, or confession of the party, satisfy and pay, or cause to be satisfied and paid unto the said (obligee), his executors, administrators or assigns, all such sum and sums of money, and the true value of all such goods and effects whatsoever, whereof proof shall be made of having been so embezzled by the said (apprentice), in manner aforesaid AND also if the said (obligor), the father, his executors or administrators, do and shall, at all times hereafter, well and sufficiently save harmless and keep indemnified the said (obligee), his executors and administrators, and his and their lands and tenements, goods and chattels, of and from all actions, suits, costs, charges, losses, damages and expences which shall or may happen or be occasioned by reason or means of all or any the matters aforesaid. THEN the condition of this bond shall be void and of none effect, but otherwise shall remain in full force and virtue. IN WITNESS, &c. BONDS. Arbitration (abide award). No. CXCIV. Bond upon the submission of Disputes to Arbitration, to abide the Variation where the submission is by an accompanying deed. KNOW ALL MEN, &c. (1). WHEREAS disputes having arisen between the said (obligor) and (obligee) relative to [here state the subject of difference] they the said (obligor) and (obligee), by an indenture bearing even date with the above written obligation, and made or expressed to be made between the said (obligor) of the one part, and the said (obligee) of the other part, have referred the same to the judgment and determination of (the arbitrators) of, &c. and have agreed to execute mutual bonds for the performance of the award of the said (arbitrators), with such condition to be thereunder written, for making void the same as hereinafter is expressed. Now CONDITION. THE CONDITION of the above written obligation is such, that if the above bounden (obligor), his heirs, executors and administrators, do and shall well and truly observe, perform and keep the award, order, arbitrament and final determination of the said (arbitrators), or of such other person as they shall or may by virtue of the power to them given in or by the said in part recited indenture of submission, name and appoint to be umpire between them, or to assist them in or concerning the premises, or of any two of them, of and concerning the matters and things so referred to them the said (arbitrators) as hereinbefore is mentioned; and also if the said (obligor), his heirs, executors and administrators, do and shall well and truly perform, observe, fulfil and keep all and every the covenants, clauses, conditions, stipulations and agreements in the said in part recited indenture of submission contained, on the part and behalf of the said (obligor), his heirs, executors or administrators, to be observed, performed, fulfilled and kept, according to the true intent and meaning of the same respectively. THEN, &c. or else, &c. (1) See the form of the obligatory part of this bond, ante, p. 77; see also p. 73, note. No agreement stamp is necessary on an arbitration bond, unless it contains stipulations between the parties as to costs, &c.; Wansborough's case, 2 Chit. Rep. 40. Obligation. BONDS. Boitimry. No. CXCV. A Bottomry Bond (1). Bottomry bonds not usurious although bearing more than £5. per cent interest. Excess of in terest not usury when the princi pal is put in hazard. Respondentia. Obligation. loans on foreign KNOW ALL MEN, &c. [common form, as ante, (2).] WHEREAS the good ship or vessel called the of the burthen is (3) and back. (1) Bottomry is a contract in the nature of a mortgage, by which the owner or master of a ship borrows money to enable him to carry on the voyage, and pledges the keel or bottom of the vessel for the repayment, in which case it is understood that if the ship be lost the lender loses also his whole money, but if it return in safety, then he recovers back his principal, and also such premium or interest as may have been agreed upon, even though it exceed the legal rate, and such a stipulation is holden not to be usurious, on account of the risk the lender runs of losing both principal and interest, Chesterfield v. Janson, 1 Ves. 148. 151; 1 Atk. 341. 348. S. C.; Sharpley v. Hurrell, Cro. Jac. 208; Roberts v. Trenayne, ib. 508 for it is an established rule that no contract is within the statute of usury, although more than 5 per cent. be taken, if the principal be actually put in hazard, and may be totally lost to the lender; Morse v. Wilson, 4 Durnf. and E. 353. This hazard is the basis and foundation of the contract; if, therefore, the vessel do not go the voyage, but remain all the while in port, so that the lender run no risk of losing his money, he will not be entitled to any extraordinary premium, but the court will decree him his principal with simple interest only; see Deguilder v. Depeistre, 1 Vern, 263. See the difference between a bottomry and a respondentia bond, and the form of the latter, post. "BOND" (respondentia). (2) See ante p. 77, also 73, notes. (3) If the ship upon which the money is intended to be advanced be a foreign ship and designed to trade to the East Indies, the bond will be void, as the 7 Geo. 1. c. 21. s. 2. declares, that all contracts made or entered into by any of his Majesty's subjects, or any person in trust for them, for or upon the loan of any monies by way of bottomry on any ship or ships in the service of foreigners, and bound or designed to trade to the East Indies or places beyond the Cape of Good Hope (mentioned in the statutes relating to the East India Company) shall be null and void. This act however, it should seem, does not prevent the lending money on bottomry on foreign ships trading from their own country to their BONDS. Bottomry. AND WHEREAS the said (obligee) hath lent unto the said (obligor) and return and come to settlements in the East Indies, the purpose of the act being only to prevent the people of this country from trading to the British settlements in India under foreign commissions; see Park, c. 21. Deviation of vessel from its intended course vacates bottomry bond. (1) If the ship be lost by a wilful deviation from the track of the voyage, the event has not happened upon which the borrower was to be discharged from his obligation, as she was not lost by a peril to which the lender agreed to make himself liable; see 1 Eq. Ca. Ab. 372; 2 Ch. Ca. 130; Green v. Young, 2 Salk. 444; 2 Lord Raym. 840. S. C. (2) If the voyage be to India, it is usual to make the bond for twenty India voyage. months certain and sixteen months uncertain, in which case add, 66 Together with the sum of £ of like lawful money for every calendar month the said ship or vessel shall be out on the said voyage over and above twenty calendar months, to the expiration of thirty-six calendar months, to be accounted as aforesaid, and so in proportion for less than a month." Equity will not assist the obligee of a bottomry bond where it causes an unreasonable interest; Tandy v. Turner, Eq. Ca. Ab. 372. pl. 7. but the reasonableness or unreasonableness of the interest depends upon the risk; Chesterfield v. Jansen, 1 Atk. 341.1 Ves. Sen. 151. s. c. |