Bond (legal)

“ If it was intended by congress to enlarge the scope of the section so as to include other bonds than those given for duties, (as seems to be the necessary inference from the language,) still, it is restricted to 'bonds:' the words are 'whenever the principal in any bond given to the United States is insolvent,' etc., and any 'surety on the bond' pays the money due upon 'such bond,' such surety shall have the like priority, etc., and may bring and maintain a suit upon 'the bond' in his own name, etc. ”

“ In this act it was provided that the purchase money might 'be discharged in any of the outstanding legal bonds of the state;' and that, upon the sale of any of the franchises of either of the companies, 'all rights, privileges, and immunities appertaining to the franchises so sold under its act of incorporation and the amendments thereto, and the general improvement law of the state and acts amendatory thereof, shall be transferred to and vest in such purchaser ”

“ But the obligors in the bond cannot permit themselves to be sued, without forfeiting their credit at the customhouse; for the act of Congress declares, that no person whose bond has been received either as principal or surety for the payment of duties, and which bond may be due and unsatisfied, shall be allowed a future credit for duties, until such bond shall be fully paid or satisfied. ”

“ Dashiel came before the court I was not satisfied with the doctrine of the former cases. I do not believe now that on sound principle the bond should be construed to extend the obligation of the depositary beyond what the law imposes upon him, though it may contain words of express promise to pay over the money. I think the true construction of such a promise is to pay when the law would require it of the receiver, if no bond had been given; the object of taking the bond being to obtain sureties for the performance of that obligation. ”

“ The fact which establishes the lien is the issue of bonds by the state to a company; that is to say, the delivery of bonds by the state to a company under the contract of loan. The lien attaches as soon as the delivery is complete, and when there is no obligation on the part of the company to the holders for the payment of the bonds, because the company is itself the holder, and there can be no obligation of payment by itself to itself. ”

“ So that the point to be determined, from an examination of the statute, is whether a state, when lending its own bonds and taking back security for their payment, intended to protect those who might afterwards become the holders of the bonds against the consequences of its own repudiation or inability to pay, or only to indemnify itself against loss by reason of the loan of its credit to those who were engaged in constructing its great works of internal improvement. ”

“ But we are inclined to the opinion-although uninformed upon the subject by any direct decision of the Supreme Court of the State to which our attention has been called-that municipal bonds and coupons were regarded by the framers both of the revision of 1849 and that of 1858, as, alike, sealed instruments to which the limitation of twenty years was applicable. The word 'bond' at common law (and even now as a general rule) imports a sealed instrument. ”

“ The bill further provides that the heirs to whom the payment is to be made shall execute and file with the Secretary of the Treasury a bond "conditioned to save harmless the United States from loss or liability on account of said bonds or the interest accrued thereon, and to contain such words as to cover any liability resulting from any mistake in the designation or description of the bonds, so that in no event shall the United States be called upon by a rightful claimant for a second payment thereof." ”

“ In the case of an official bond, even if its benefits are not incidental, it may well be that the legislative body is of the opinion that actions on the bond should be limited to the government in order to secure unified administration of claims. ”

“ A permit bond on Form 738 is not a bond for a penalty forfeitable in its entire amount upon a breach of condition, but is a bond for indemnity securing the payment of the internal revenue taxes, interest, penalties, and liabilities accruing to the United States by reason of the breach. ”

“ In County Bond Cases, while this principle of law is not expressly contradicted, it is held that the paper, though issued without authority of law, and in opposition to its express provisions, is still valid.
There is no reason, in the nature of the condition on which the power depends in these cases, why any purchaser should not take notice of its existence before he buys. The bonds in each case were issued at one time, as one act, of one date, and in payment of one subscription. ”

“ It is clearly a part of the duty of the master to approve such bonds. The bond is an official one, to be filed in court, not kept by the receiver. The receiver is to act only on such a bond as the proper officer of the court shall have approved. It is the duty of the receiver not to surrender the property till such a bond, properly approved, be filed. The order does not give the receiver the right, nor throw on them the duty of approving the bond. ”

“ Under the act of 1856 the payments were required to be made in money, and, in case of default, proceedings for foreclosure and sale were to be instituted to collect the amount to be paid, as in cases of non-payment of bonds at maturity. If the statutes of 1852 and 1856 stood alone, it would be clear to our minds that payments into the sinking fund were to be treated as a release pro tanto of all the liability of the company on, or an account of, the bonds. ”

“ They were formerly more generally known than otherwise as 'certificates of loan,' with certificates for interest attached, payable to the bearer at particular times within the year, at some particular place, being a part of the contract, from which they must be cut off to be presented for payment. But now, in their use, they are called bonds, with coupons for interest-a coupon bond-coupon being the interest payable separable from the certificate of loan, for the purpose of receiving it. ”

“ Fractional certificates are certificates or bonds issued for any fractional part of one hundred dollars of the public debt. All other bonds are issued for amounts of one hundred dollars or some multiple of a hundred.
A bond is redeemed—that is, bought back—when it is received at the treasury or office of the sinking fund and the amount of it is paid to the holder. The bond is then cancelled. To cancel is to deface or destroy so that the paper or bond cannot be used again.
A security is something given or deposited as a pledge that money loaned shall be repaid. ”

“ The amendments made to the declaration after demurrer have not removed the original mistake, as to the parties who should have been joined as plaintiffs. In an action of debt on bond, the demand is for the penalty. The condition of the bond is no part of the obligation. ”

“ So, where an importer and two sureties executed two bonds for duties, and the principal being insolvent, one of the sureties paid the whole amount and brought a suit against the other surety for contribution on the bond which first fell due, and was defeated, on a plea of release, by the obligee, with his own consent, the judgment was held in a subsequent suit for contribution for the amount paid on the other bond, to be a conclusive bar to the second claim, it appearing that both bonds were given at the same time, upon the same consideration, and as parts of one and the same transaction. ”

“ If the beneficiary named in this bill has a better right to the money, the Government, not being in default, should be protected against double payment. I suppose to sustain a claim upon the indemnity bond given when the duplicate was issued in 1864 we should be prepared to show that the second payment on the original bond was made upon such a state of facts as compelled or at least justified it. The passage of an act simply directing such payment would alone not be sufficient. ”

“ Article 7 Funds for redemption and interest payments of the Bond shall be put on allocation on an annual basis in the national general budget, and shall be appropriated to the managing bank in advance to be held on deposit in preparation for payment. Article 8 The offering and sale and the principal and interest payments of the Bond shall be managed by the Central Bank. Article 9 The Bond may be freely traded, pledged, or used as guarantee in official dealings, and may serve as guarantee reserve of financial enterprises. Article 10 Interest on the Bond is exempt from income tax. ”

“ And the act of 15th January 1811, which is supplementary to the former, and gives a remedy against sureties beyond the penalty of the bond, is expressly limited to bonds given by public officers. No adjudged case has been cited, which goes to establish the position, that the statute of 1810 has been differently construed by the state courts. It is not in our view of the facts a very material consideration, because there is no evidence offered, which proves that a debt was due to Venable's wards, even to the amount of the penalty. ”

“ They do not undertake for their general conduct as individuals. They do not undertake for each other as to any matter not expressed in the bond. They undertake that the bank shall perform the contract recited in the condition, and for nothing more.
The bond does not stipulate that the obligors will do any thing which may facilitate the operations of the bank in collecting its debts and performing its contract with the United States. ”

“ That whereas, by the act of the legislature of 1896, the treasurer of this state is forbidden to pay, consolidate, or fund any coupon bond of the state after the expiration of twenty years from the date of maturity of such bonds, and certain bonds entered on the books of the state treasurer as 'Old bonds, not fundable, act of 1896, Blue Ridge Railroad Bonds, $37,000,' are still carried on the books of the state treasurer. ”

“ The coupon is not an independent instrument, like a promissory note for a sum of money, but is given for interest thereafter to become due upon the bond, which interest is parcel of the bond, and partakes of its nature; and the bond, being of a higher security than a simple contract debt, is not barred by lapse of time short of twenty years ”

“ When a corporation covenants to pay to bearer and gives a bond with negotiable qualities, and by this means obtains funds for the accomplishment of the useful enterprises of the day, it cannot be allowed to evade the payment by parading some obsolete judicial decision that a bond, for some technical reason, cannot be made payable to bearer. ”

“ It is true, that the bottomry bond was taken for a larger amount; but that furnishes no ground of objection to the bond, except for the surplus; for a bottomry bond may be good in part, and bad in part; and it will be upheld by courts of admiralty, as a lien to the extent to which it is valid; as such courts, in the exercise of their jurisdiction, are not governed by the strict rules of the common law, but act upon enlarged principles of equity. ”

“ As the statutory remedy for the enforcement of the statutory lien must be presumed to have been intended to be commensurate with the lien itself, and this remedy was confined to cases of default in making deposits, there cannot be a doubt that it was the understanding of the legislature that a deposit for interest was a payment of interest on the bonds, so far as the company was concerned, and released the company as well as its property from all further liability to the state, or to any one else, which had been assumed for interest. ”

“ The bond provided that the company covenanted with the bank in reliance on the statement and declaration of the president on behalf of the bank, and on the bank's strict observance of the contract; that any misstatement of a material fact in the declaration should invalidate the bond ”

“ It is true that in England and law is, that a bond delivered in blank, as it respects the payee, is void, and the blank incapable of being filled up by the holder, either upon an implied or express parol authority from the maker. ”

“ The Municipal Bond Cases.—There is one class of cases resulting from the doctrine that the law of remedy constitutes a part of the obligation of a contract to which a special word is due. This comprises cases in which the contracts involved were municipal bonds. While a city is from one point of view but an emanation from the government's sovereignty and an agent thereof, when it borrows money it is held to be acting in a corporate or private capacity, and so to be suable on its contracts. ”

“ The bond or recognizance takes the place of the attachment as a security for the debt of the attaching creditors; they cannot dispute the election given to the debtor by statute, of substituting the new security for the old one; and the giving of the bond or recognizance, by dissolving the attachment, increases the estate to be distributed in bankruptcy. ”

“ Thus money due on a bond is a chose in action; for a property in the debt vests at the time of forfeiture mentioned in the obligation, but there is no possession till recovered by course of law. If a man promises, or covenants with me, to do any act, and fails in it, whereby I suffer damage ”

“ They all concur in establishing one point, however, of much importance, that a bond with an unqualified condition to account for and pay over public moneys enlarges the implied obligation of the receiving officer, and deprives him of defences which are available to an ordinary bailee ”