BOND, in law, is an instrument on stamped paper, by which the party granting it becomes bound to pay a suns of money, or perform any act or duty, according to the terms of agreement. In England, a B. is said to be an instrument under seal, whereby one person becomes bound to another for the payment of a MR of money, or for the performance of any other act or thing. The person who is thus bound is called the obligor, and he to whom the B. is given, the obligee; and thin obligation may be either by or to one or several persons. The B. may be unconditional simply for the payment of money, or it may be accompanied with a condition, the performance of which is secured by a penalty; but in any event, the debt created by a B. is of the high nature of a specialty debt The requisites of a good B. are as follow: 1. The B. must have an obligor and obligee. In regard to such parties, it is to be observed that in general no person who is under any legal disability to contract, can become an obligor, though it is otherwise of an obligee. Thus, B. by a married woman neither binds herself nor her husband, but is absolutely void. This is a rule, however, which is liable to some qualifications. See Iftsiscsn AND WIFE. Nor can an infant bind himself, unless the B. be for necessaries. But although a married woman is incapable of executing a B., yet one given to her is valid, and the interest in it will vest in her husband, without w hose concurrence in its acceptance indeed the B. will lose its force. In the same way, a B. may be given to an infant, a lunatic, or an alien. 2. The next requisite of a B. is, tharit must state the pre cise sum in which the obligor is bound; any omission in this respect will invalidate the instrument. If, however, the suns be merely erroneously stated, the courts will make the necessary correction, and construe the a so as to give effect to the intention of the parties. In practice, the sum stated is generally double the suns intended to be secured —the excess being meant to cover the interest and any costs. 3. A B. must be so expressed as to create a clear legal obligation. But for this purpose no particular form of words is necessary; any mode of expression by which the intention appears,will suffice. A B., again, may be in the first or third person, only it must be expressed in the English language, and not in Latin or French. 4. The B. must be duly executed. Such execution, in general, is the same as that of deeds, the sealing being the essential solem nity; and although it is usual for the obligor to sign the 13., his signature is not neces sary to its validity. Then the B. must be delivered, but it need not be dated; a B. has
even been held good, though it bear it false or impossible date, on the principle that deeds take effect from, and have relation to, the time of their delivery, and not in refer ence to their date. Such, in general, is the form and structure of an English B., and it is used in an infinite variety of contracts.
In Scotland. the B.—personal B., as it is called—differs in several 'points of form from the English instrument. Its general strtictnre is different, and it is executed in it different manner, with much solemnity and particularity, hut without sealing; it does not bear to be for double the suns due, or any sum other than the correct one, which it states with precision, with a liquidate penalty, which' is usually one fifth of the principal sum; and it must have a true date and be very specific in all its details. As in English practice, there are in Scotland two kinds of these instruments: first, bonds for money simply; and secondly, bonds for the performance and accomplishment of souse act, or, as they arc called in Scotch practice, bonds ad !arta prustanda.
A mortgage over land or other real estate is also in Scotland in the form of a B., by which name, indeed. the mortgage is tech nic:Lily described. Thus, there is the heritable B., and the 11 awl disposition as security, the latter being the more modern form. By these mortgage bonds, the borrower not only becomes personally bound in the repayment of the loan, but " in further security and more sure payment" he also conveys to the lender the land, or other real property, itself, on which the suns is to be made a charge, with, in a certain event and under certain conditions, a power of sale, by means of which the creditor. on the debtor's default, may recover his money. There are, in Eng land, bonds by which expectant heirs may operate on their reversions, and these are called post obit bonds.
According to the of both countries, certain bends are void; such as a B. condi tioned either to do something NVIliC11 tile law considers wrong in itself, or which is leg-ally prohibited, or to omit doing something which is a duty, or to encourage the performance of anything which is in the nature of a crime or offense against the law. In like man ner, bonds to procure marriage, called marriag-e brocage bonds, or to restrain marriage, or for immoral considerations, or in of trade, are void. A B., however, may be valid in part, or_void in part. if such parts are separable. See MORTGAGE, BROCAGE BONDS TO mtocunk MARRIAGE, SPECIALTY DEBT.