Black’s Law Dictionary 1st Edition, pages 145:
BOND. A contract by specialty to pay a certain sum of money; being adeed or instrument under seal, by which the maker or obligor promises. and thereto binds himself, his heirs, executors, and administrators, to pay a designated sum of money to another; usually with a clause to the effect that upon performance of a certain condition (as to pay another and smaller sum) the obligation shall be void.
The word “bond” shall embrace every written undertaking for the payment of money or acknowledgement of being bound for money, conditioned to be void on the performance of any duty. or the once of anything therein expressed, and subscribed and delivered by the party making it, to take effect sa his obligation, whether it be sealed
or uDsealed ; and, when a bond is required by law aD undertakinginwritingwitboutsealsballbe8’lf ficicnL. Rev. Code Miss. 1880, § 19.
The word “boud” bas with us a definite legal signification. It has a clause, with a sum fixed as a penalty; binding the parties to pay the same, conditioned, however, that the payment or the penalty may be avoided by the performance by some one or more of the parties of certain acts. S Redt. Sur. 459.
Bonds are either single (simple) or double,
(conditional.)
A single bond is one in which the obligor binds himself, his heirs, etc. to pay a certain sum of money to another person at a specified day.
A double (or condtional) bond is one to which a condition is added that if the obligor does or forbears from doing some act the obligation shall be void. Formerly such a condition was sometimes contained in a separate isntrument, and was the called a “defeasance.”
The term is also used to denote debentures or certificates of indebtedness issued by public and private corporations, governments, and municipalities, as security for the repayment of money loaned to them. Thus, “railway aid bonds” are bonds issued by municipal corporations to aid in the construction of railroads likely to benefit them, and exchanged for the company’s stock.
BOND. In old Scotch law. A bond-man; a slave. Skene.
BOND, v. To give bond for, as for duties on goods; to secure payment of duties, by giving bond. Bonded, secured by bond. Bonded goods are those for the duties on which bonds are given.
Black’s Law Dictionary 7th Edition, pages 169-175:
bond, n. 1. An obligation; a promise.
“[A]n obligation, or in English a ‘bond,’ is a document written and sealed containing a confession of a debt; in later times ‘contract’ is the genus, ‘obligation’ the species.” 2 Frederick Pollock & Frederic W. Maitland, The History ofEnglish Law 207 (2d ed. 1899).
2. A written promise to pay money or do some act if certain circumstances occur or a certain time elapses; a promise that is defeasible upon a condition subsequent.
“The fact that an instrument is called a ‘bond’ is not conclusive as to its character. It is necessary to disregard nomenclature and look to the substance of the bond itself. The distinguishing feature of a bond is that it is an obligation to pay a fIxed sum of money, at a defInite time, with a stated interest, and it makes no difference whether a bond is designated by that name or by some other, if it possesses the characteristics of a bond. There is no distinction between bonds and certifIcates of indebtedness which conform to all the characteristics of bonds.” 1 Silvester E. Quindry, Bonds & Bondholders Rights & Remedies § 2, at 3-4 (1934).
appeal bond. A bond that an appellate court may require from an appellant in a civil case to ensure payment of the costs of appeal; a bond required as a condition to bringing an appeal or staying execution of the judgment appealed from. Fed. R. App. P. 7. Cf. supersedeas bond.
appearance bond. See bail bond.
attachment bond. A bond that a defendant gives to recover attached property. • The plaintiff then looks to the bond issuer to satisfy a judgment against the defendant.
average bond. Marine insurance. A bond given to the captain of a ship by consignees of cargo subject to general average, guarantee- ing payment of their contribution once it is ascertained, on condition that their goods be promptly delivered.
bail bond. A bond given to a court by a criminal defendant’s surety, guaranteeing that the defendant will duly appear in court in the future; a bond given to obtain a prison- er’s release and to secure the prisoner’s ap- pearance to answer legal process.• The effect of the release on bail bond is to transfer custody of the prisoner from the officers of the law to the custody of the surety on the bail bond, whose undertaking is to redeliver the defendant to legal custody at the time and place appointed in the bond. – Also termed appearance bond. See BAIL.
bid bond. A bond filed in public construction projects to ensure that the bidding contractor will enter into the contract.• The bid bond is a type of performance bond.
blank bond. Archaic. A bond in which the space for the creditor’s name is left blank.
blanket bond. 1. A bond covering several persons or projects that require performance bonds. 2. See fidelity bond.
bond for land. A bond given by the seller of land to a buyer, binding the seller to convey once the buyer tenders the agreed price. – Also termed bond for a deed. Cf. BINDER (1).
bond of corroboration. An additional obligation undertaken to corroborate the debtor’s original obligation.
bottomry bond. A contract for the loan of money on a ship, usu. at extraordinary inter- est, for maritime risks encountered during a certain period or for a certain voyage.• The loan can be enforced only if the vessel survives the voyage. – Also termed bottomage bond. Cf. respondentia bond.
“A bottomry bond, strictly speaking, is a mortgage or pledge of a ship by the owner or agent, to secure the repayment of money lent for the use of the ship; and the conditions of it are, that if the ship is lost, the lender loses his money; but if it arrives, then, not only the ship itself is liable, but also the person of the borrower.” John Indermaur, Principles of the Common Law 169 (Edmund H. Bennett ed., 1st Am. ed. 1878).
“[The bottomry bond is a sort of mortgage on a ship, entered into for the purpose of raising money in case of necessity in a foreign port. The advance of communications has caused bottomry and respondentia bonds to pass virtually out of use.” Grant Gilmore & Charles L. Black, Jr., The Law ofAdmiralty § 1-10, at 25 n.85 (2d ed. 1975).
claim-property bond. See replevin bond.
common-defeasance bond. See penal bond.
common-law bond. A performance bond given by a construction contractor.• A com- mon-law bond exceeds the requirements of a statutory performance bond because it pro- vides additional coverage for construction projects. Cf. PERFORMANCE BOND.
common money bond. A promise to pay money as a penalty for failing to perform a duty or obligation.
cost bond. A