Bond in United Kingdom

Definition of Bond

In accordance with the work A Dictionary of Law, this is a description of Bond :

1. A deed by which one person (the obligor) commits himself to another (the obligee) to do something or refrain from doing something. If it secures the payment of money, it is called a common money bond; a bond giving security for the carrying out of a contract is called a performance bond.

2. A document issued by a government, local authority, company, or other public body undertaking to repay long-term debt with interest. Bond issues are issues of debt securities by a borrower to investors in return for the payment of a subscription price.

Concept of Bond

Traditional meaning of bond [1] in scots law: An instrument under seal, wherein the maker or obligor expresses that he owes or will pay a certain sum of money to the obligee; usually with a condition added, that, in the event of his performing a certain act or paying another sum, the instrument is to be void. Bond and disposition in security: the Scotch term for a mortgage of land. Bond tenants: copyholders and customary tenants. Boni et legates homines: good and lawful men. Boni judicis est ampliare jurisdictionem: it is the duty of a good judge to construe his jurisdiction liberally. Boni judicis est judicium sine dilatione mandare executioni: it is the duty of a good judge to put the judgment into execution without delay. Boni judicis est lites dirimere, ne lis ex lite oriatur: it is the duty of a good judge to put an end to suits, lest suit should grow out of suit.[rtbs name=”scottish-law”]

Resources

Notes and References

1. Based on A concise law dictionary of words, phrases and maxims, “Bond”, Boston: Little, Brown, and Company, 1911, United States. This term and/or definition may be absolete. It is also called the Stimson’s Law dictionary, based on a glossary of terms, included Bond.

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