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BOND, N Definition & Legal Meaning

Law dictionary entry - legal definition of embargo

Definition & Citations:

A contract by specialty to pay a certain sum of money; being a deed 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. U. S. v. Rundle. 100 Fed. 403, 40 C. C. A. 450; Turck v. Mining Co.. 8 Colo. 113. 5 Pac. 838; Boyd v. Boyd. 2 Nott & McC. (S. C.) 126. The word “bond” shall embrace every written undertaking for the payment of money or acknowledgment of being bound for money, conditioned to be void on the performance of any duty, or the occurrence of anything therein expressed, and subscribed and delivered by the party making it, to take effect as his obligation, whether it be sealed or unsealed; and, when a bond is required by law, an undertaking in writing without seal shall be sufficient. Rev. Code Miss. 1880,

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