Commentary

1.1 Meaning used in this title

BONDS vol 4(1)
| Commentary

1.1 Meaning used in this title

| Commentary

(B) Commentary

1 Definition and terms

1.1 Meaning used in this title

In modern usage, the word ‘bond’ is often employed to describe any instrument embodying a promise to pay money. However, within the meaning used in this title, a bond is an instrument executed as a deed1 by which one person, known as ‘the obligor’, binds himself to pay to another person, known as ‘the obligee’, a specified sum of money, either immediately or at a fixed future date. Bonds in this strict sense are of two types, simple or single bonds and double or conditional bonds.

To continue reading
View the latest version of this document, as well as thousands of others like it, sign in to LexisLibrary or register for a free trial