BONDS (a). From one obligor to without FORMAL PARTS. 1. KNOW ALL MEN by these presents that I, obligor, of, &c., am bound to, obligee, of, &c., in the sum of £one obligee usually twice the amount of principal money to be secured, to be paid to the sd, obligee, his exs, ads, or assigns, or to his or their attorney or attorneys, for which paymt I bind myself (b) by these presents. Sealed with my seal. Dated this day of recitals. As to the use of bonds. Stamp. Omission (a) See also INDEMNITY. Though bonds are usually employed for some purposes in preference to deeds of covenant, especially where the stipulations to be performed are in the alternative, a deed is in most cases equally advantageous, and frequently (as where the obligation has to be qualified by provisoes, &c.) more convenient; and where there are mutually dependent stipulations to be performed by each party, the form of a deed is essential. In the case, however, of an agreement for payment of an annuity, or of a sum of money by instalments (unless the whole amount is to become immediately payable on default in payment of an instalment), a bond may be preferable to a deed of covenant, inasmuch as upon the obligor making default, judgment will be entered up for the penalty, and stand as a security for the future payments, for which execution (by the process of scire facias) may be issued as they fall due without the necessity of bringing a fresh action for each payment; but a deed of covenant might be made to have the same operation as a bond in this respect by inserting a penal clause. See Bullen & Leake's Precedents of Pleadings, 4th ed., p. 113; 1st ed., pp. 68, 69. As to the stamp, see The Stamp Act, 1870, sched. tit., BOND and MORT. GAGE, and ss. 58, 75, and 105; Dav. Prec. Vol. II. pt. 2, pp. 259–261. (b) The usual words binding the "heirs, &c.," of the obligor are here of the words omitted; see the Conv. Act, 1881, s. 59, and above, p. 8, note; but it is "heirs, thought better in most cases to retain those words in the condition of the bond. The practice of expressly mentioning the representatives and assigns &c." THE CONDON of the above written bond is such that if, &c. Then the above written bond shall be void, or otherwise shall remain in full force. Signed, sealed, and delivered in the presence of From seve. II. KNOW ALL MEN by these presents that we, obligors, ral obligors are bound to, obligees, in the sum of £, usually twice to several obligees, the amount of principal money to be secured, to be paid to the with sd, obligees, their exs, ads, or assigns, or to their attorney recitals. or attorneys, for which paymt, if two obligors, "we bind ourselves and each of us," if three or more obligors, "we bind ourselves and every [four, three] two and one of us," as the case may be, jointly and severally (c), by these presents. Sealed with our respive seals. Dated this day of WHAS, &c. NOW THE CONDON, &c., as in last form. Signed, sealed, and delivered by the above-named in the presence of of the obligee is also for the most part adhered to, but the words might usually be omitted, if the draftsman should so prefer, except in the (not very common) case of a bond relating to land, in which it would be better to retain them, as the 58th section of the above Act (referred to p. 8, note) mentions covenants only, and not bonds, differing in this respect from sections 59 and 60. A middle course, which would save the repetition of the words in question throughout the instrument, and which may often be adopted in bonds as well as other instruments, would be to provide that the names of the parties or the designations by which they are described shall, where the context so requires or admits, be deemed to include their "hrs, exs, ads, and assigns" respectively, as the case may be. 66 (c) It would be sufficient to say, we bind ourselves jointly and severally," whatever be the number; see the rules under the Judicature Act, 1875, Order XVI, rules 3 and 5. Condition. PRECEDENTS. I. BOND from ONE OBLIGOR to ONE OBLIGEE for PAYMENT of a SUM of Money and Interest. VARIATIONS for SEVERAL OBLIGORS or OBLIGEES. Bond from A. [B. and C.] to D. [E. and F.], see pp. 200-1. THE CONDON of the above-written bond is such that if the above bounden A., his [A., B., and C., or any of them, their or any of their] hrs, exs, or ads, shall on the day of -, pay or cause to be paid to the above-named D., his exs, ads, or assigns, [D., E., and F., their exs, ads, or assigns, jointly (a)] the sum of £ with interest for the same from the date of the above-written bond, at the rate of per cent. per annum, without any deduction, Then, &c. Condition. As to bonds to joint obligees, II. BOND for PAYMENT of money by INSTALMENTS with INTEREST on each instalment. VARIATION, where INTEREST is to be paid HALF-YEARLY on the whole PRINCIPAL SUM for the time being due, and where in case of DEFAULT in payment of any INSTALMENT or INTEREST, the WHOLE PRINCIPAL SUM is to become immediately due (b). Bond from A. to B., in a sufficient penalty, see p. 200. THE CONDON of the above-written bond is such, that if the above bounden A., his hrs, exs, or ads, shall pay or (a) Under the Conv. Act, 1881, s. 60, the benefit of a bond in this form would survive on the death of any of the obligees; and by s. 61 the receipt of the survivors, &c., would be a good discharge on payment notwithstanding the severance of the joint account. (b) See p. 200, note. Where in case of default the whole of the money is cause to be paid to the above-named B., his exs, ads, or assigns, the sum of £ with interest for the same from the date of the above-written bond, at the rate of per cent. per annum, by the instalmts, at the times and in mner For pay. following (that is to say), the sum of £, pt thof, with instalments interest upon the same instalmt from the date and at the with rate afsd, on the day of, the sum of £————, further thereon. pt thof, with interest upon such instalmt from the date and at the rate afsd, on the day of and the sum of , the residue thof, with interest upon such residue from the date and at the rate afsd, on the day of [or, the sum of £ day of ment by interest stalments by five equal yearly paymts on the By inin every year, the first of such paymts to with be made on the day of next, and shall also in the interest on balance. meantime and until the whole of the sd sum of £ shall be paid off in mner afsd, pay or cause to be paid to the sd B., his exs, ads, or assigns, interest for the same sum of £, or for so much thof as shall for the time being remain due and unpaid, at the rate of per cent. per annum, to be computed from the date of the above-written bond, by half-yearly paymts, on the day of and the day of in every year, the first of such paymts of interest to be made on the day of next], Then the above-written bond shall be void, otherwise the same shall remain in full force: [BUT so nevertheless that in case Whole prin. default shall be made in paymt of any of the sd respive sums cipal to of principal or interest, or any pt thof resply within, thirty, due on days after the day or time hinbefore mentd and appointed default (c). for paymt thof resply, then and in any such case the whole of the sd principal sum of £ or so much thof as shall then remain due and unpaid, togr with the interest which shall have accrued due thereon, shall forthwith after such default become payable to the sd B., his exs, ads, or assigns, and be recoverable by virtue of the above-written bond.] to become immediately payable, a deed of covenant will be more convenient than a bond. (e) That this stipulation is valid and enforceable, see Sterne v. Beck, 1 De become Condition. For payment of annuity quarterly. III, BOND for Payment of ANNUITY to ONE of Two PER- LIVES. Bond from A. to B. and C., in a penalty of twice the total amount of all the payments of the annuity according to its utmost probable duration, see p. 201. THE CONDON, &c., is such that if the above bounden A., his hrs, exs, or ads, shall pay to the sd B. during his life an annuity or yearly sum of £quarterly paymts, on the the day of day of by four equal the day of every year, and shall pay an apportioned pt of such annuity up to the day of the death of the sd B. to his exs or ads (a), and shall make the first of such paymts on the day of next, and shall also, in case the sd C. shall survive the sd B., pay to the sd C. during the then remr of his life a like annuity or yearly sum of £, payable on the like quarterly days, and shall pay an apportioned pt of such lastmentd annuity up to the day of the death of the sd C. to his exs or ads, the first quarterly instalmt of such lastmentd annuity or a proportionate pt thof, for the interval between the death of the sd B. and the first of the sd quarterly days which shall happen thereafter, to be payable on such last-mentd day, And shall make all the sd paymts without any deduction whatsoever (except for income-tax), Then, &c. G. J. & S. 595; Protector, Sc., Co. v. Grice, 5 Q. B. D. 592. As to what amounts to a waiver of the provision, see Langridge v. Payne, 2 J. & H. 423; Williams v. Stern, 5 Q. B. D. 409. (a) The provisions for apportionment might probably be omitted, see the Apportionment Act, 1870, 33 & 34 Vict. c. 35. |