This section is from the book "Hill's Manual Of Social And Business Forms: A Guide To Correct Writing", by Thos. E. Hill. Also available from Amazon: Hill's Manual Of Social And Business Forms: The How-To-Do-Everything Book Of Victorian America.
A BOND is a written admission of an obligation on the part of the maker, whereby he pledges himself to pay a certain sum of money to another person or persons, at a certain specified time, for some real consideration.
The person giving the bond is termed the obligor; the person receiving the same is called the obligee.
A bond, as defined above, is a single bond; but generally conditions are added to the bond, whereby the person giving the same must perform some specific act or acts, in which case the bond becomes void; otherwise it remains in full force and effect.
The penalty attached to the bond is usually sufficient to cover debt, interest, and costs, being generally placed at a sum twice the amount of the real debt, the fact being stated that such penalty is the sum fixed upon as liquidated or settled damages, in event of failure to meet payments according to the conditions of the bond.
The bond may be so drawn as to have the penalty attach and appertain to either the obligor or obligee.
Though, under ordinary circumstances, the bond is in full effect, yet an act of Providence, whereby its accomplishment is rendered impossible, relieves the party obligated from an enforcement of the penalty.
Action on such instrument must be brought within twenty years after right of action accrues, or within such time as provided by the statutes of the different States.
Know all Men by this instrument, that I, Jonas Clayton, of Wilmington, Hanover County, State of North Carolina, am firmly bound unto Henry Morse of the place aforesaid, in the sum of One Thousand Dollars, to be paid to the said Henry Morse, or his legal representatives; to which payment, to be made, I bind myself or my legal representatives, by this instrument.
Sealed with my seal, and dated this first day of July, one thousand eight hundred and seventy-three.
The condition of this bond is such that, if I, Jonas Clayton, my heirs, administrators, or executors, shall promptly pay the sum of five hundred dollars in three equal annual payments from the date hereof, with annual interest, then the above obligation to be of no effect; otherwise to be in full force and valid.
Signed, sealed and delivered in presence of George Downing.
Know all Men by this instrument, that I, Nathaniel Howard, of San Antonio, County of Bexar, and State of Texas, am firmly bound to the First National Bank corporation of said town, county, and State, in the sum of One Hundred Thousand Dollars, to be paid to the First National Bank corporation, or assigns, aforementioned: for which payment I bind myself, my heirs, executors, and administrators by this instrument.
Sealed with my seal, and dated this third day of February, one thousand eight hundred and seventy-two.
Whereas, the above bounden Nathaniel Howard has been appointed cashier of the First National Bank of San Antonio, aforementioned, by reason whereof various sums of money, goods, valuables, and other property, belonging to said Bank corporation, will come into his custody;
Therefore, the condition of the above bond is such, that, if the said Nathaniel Howard, his executors or administrators, at the expiration of his time of service to said bank, upon request to him or them made, shall deliver unto the said bank corporation or their agent, or their attorney, a correct account of all sums of money, goods, valuables, and other property, as it comes into his custody, as cashier of said bank, and shall pay and deliver to his successor in office, or any other person authorized to receive the same, all balances, sums of money, goods, valuables, and other property, which shall be in his hands, and due by him to said bank corporation; and if the said Nathaniel Howard shall justly, honestly, and faithfully, in all matters, serve the said bank corporation as cashier, during his continuance in such capacity, then the above obligation to be of no effect; otnerwise to remain valid and in full force.
Signed, sealed and delivered in presence of
Know all Men by these Presents, that I, Cornelius Burr, of West Chester, Chester county, State of Pennsylvania, am firmly bound unto the Chester County Beet-Sugar Manufacturing Company, in the sum of Twenty Thousand Dollars, to be paid to the said company, or their assigns, for which payment to be made, I bind myself and representatives firmly by these presents.
Sealed with my seal, and dated this first day of August, eighteen hundred and seventy.
The condition of the above bond is such that, if I, the said Cornelius Burr, my heirs, administrators, or assigns, shall pay unto the said Chester County Beet-Sugar Manufacturing Company, or assigns, Ten Thousand Dollars, in two equal payments, viz. : Five Thousand Dollars January first, eighteen hundred and seventy-one, and Five Thousand Dollars July first next following, with accrued interest, then the above to be void; otherwise to remain in full force and effect.
Signed, sealed and delivered in presence of Charles Royce.