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Penalty

Simple Bond from one to one.

Know all Men by these Presents, that I, William Hyde, of Philadelphia, am held and firmly Parties. bound to James Holt, of New York, in the sum of six thousand dollars, lawful money of the United States, to be paid unto the said Holt, his executors, administrators, or assigns, to which payment, well and truly to be made, I bind

myself, my heirs, executors, and administrators, firmly by these presents. Sealed with my seal Wated the 9th day of April, one thousand eight hundred and fifty-one.

The Condition of this obligation is such, that if the above bounden William Hyde, his heirs, executors, or administrators, do well and truly pay, or cause to be paid, unto the above named Holt, his executors, administrators, or assigns, the full sum of three thousand dollars, like money as aforesaid, with legal interest for the same, on or before the 9th day of April, one thousand eight

Condi. tion.

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American built ships owned and commanded by
American citizens. For the security of these

Registry privileges, acts of registry have been passed; the registry is made by the Collector of the port.

105. A Bond is an obligation for the payment Bond. of money, or for the performance or non-performance of certain acts, with a penalty annexed in case of failure or disobedience: the above is a sim. ple form.

When drawn bearing even, date with the mortgage on land, it is usual to add the Interest Clause.

There are different kinds of Bonds. Corporation bonds and Corporate bonds are the bonds of a corporation or of an incorporated Company; thus the Bonds of the Corporation of the City of NewYork, and the Bonds of the Erie Railroad Com

Interest

hundred and fifty-two, then this obligation to be void, otherwise to be in full force and virtue.

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And it is hereby expressly agreed, that should any default be made in the payment of the said

interest, or of any part thereof, on any day whereon Interest the same is payable, as above expressed, and

should the same remain unpaid and in arrear for the space of thirty days, then and from thenceforth, that is to say after the lapse of the said

pany are examples. The Indemnity bond for seThe ser- curity against loss, as a bond to make good all kinds. loss to the endorser of another's note ; Collector's

bonds, Sheriff's bonds, Administrator's bond, &c.

The penal sum mentioned in the bond is usually double the amount intended to be secured, this will cover all the interest due, and

expenses necessary to collect the bond. It is not Specified strictly true that the penal sum is fully paid if

the condition of the bond is not complied with, as the instrument would seem to imply, only the damage actually sustained is to be made good, but the penal sum is stated in order to name definitively some amount which will probably cover the whole damage.

The person giving the bond is called the obligor or bondsman, and binds his executors, admi

thirty days, the aforesaid principal sum of three thousand dollars, with all arrearage of interest thereon, shall at the option of the said Holt become and be due and payable immediately thereafter, although the period above limited for the payment thereof may not then have expired, any thing hereinbefore contained to the contrary thereof, in any wise notwithstanding.

Mortgage of Goods and Chattels.

To all to whom these presents shall come, know pe, that I, John Furman, of the City of New-York, hatter, of the first part, for the purpose of securing the payment of the

the money hereinafter mentioned, for and in consideration of the ration. sum of one dollar, to me duly paid by Isaac Wall, of the second part, at or before the ensealing and delivery of these presents, the receipt whereof is

Conside

nistrators, &c., thus rendering his estate liable in the event of his death,

The Interest Clause is attached to or incorporated in the bond before alluded to, for the reason that the interest might otherwise be due for a

Delay. long time, and for want of some definitive understanding, a suit might be so long delayed as to endanger the interests of the mortgagee.

There is no record made of the bond as there is of the mortgage; in certain cases it must be filed, but this is generally in strictly legal proceedings in Courts of Justice, otherwise bonds are merely held by the person interested as security for a Acknowdebt or liability. Since bonds are not recorded, ledg. they need not be acknowledged; it is only necessary to have them signed, sealed, and delivered in the presence of a witness.

ment.

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hereby acknowledged, have bargained and sold, and by these presents do grant, bargain, and sell anto the said party of the second part, all the fur

niture contained in the house known and distinWhere guished as number 20, Columbia street, and all situated. other goods and chattels mentioned in the sched

ule hereunte annexed, and now in the same. To have and to hold all and singular the goods and chattels above bargained and sold, or intended so to be, unto the said party of the second part, his executors, administrators, and assigns forever: And the said party of the first part, for himself, his heirs, executors, and administrators, all and singular the said goods and chattels above bargained and sold unto the said party of the second part, his heirs, executors, administrators, and assigns, against the said party of the first part, and against all and every person or persons whomsoever shall, and will, warrant and forever defend.

Upon Condition, that if the said party of the first part shall and do well and truly pay unto

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Condi. tion.

Chattel mortgage.

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The above is a bond from one person to one other person ; sometimes two join in the same bond, and then the language should bind them jointly and severally, and it should be signed and sealed by both of them.

106. The mortgage of Chattels is similar in form to that of real estate, and its object is the same, viz., security for money due or loaned, or against liability. The instrument requires the signature and seal of the mortgagor in the presence of a witness, and the signature of the mortgagor also at the close of the schedule, to show his assent to a mortgage of the articles stated. Since this is not recorded, no acknowledgment is required; it is simply filed in the office of the Clerk of the County or Town, or of the Register. Unless the same is renewed at or before the close

Filed.

Covenant in

of default.

the said party of the second part, his executors, administrators, or assigns, the sum of five hundred dollars, lawful money of the United States, with interest thereon, one year from this date, then these presents shall be void. And the said party of the first part, for himself, his executors, administrators, and assigns, doth covenant and case agree to and with the said party of the second part, his executors, administrators, and assigns, that in case default shall be made in the payment of the said sum above mentioned, then it shall and may be lawful for, and I, the said party of the first part, do hereby authorize and empower the said party of the second part, his executors, administrators, and assigns, with the aid and assistance of any person or persons, to enter my dwelling-house, store, and other premises, and such other place or places as the said goods and chattels are or may be placed, and take and convey away the said goods and chattels, and to sell and dispose of the same for the best price they

tion piece.

of the year, its virtue expires, and every creditor will have the same right to the property as the mortgagee. This mortgage can be satisfied at Satisfacany time during the year by a receipt on account of the mortgage from the mortgagee to the mortgagor, or by filing a satisfaction piece similar to that in real estate (pp. 131).

This mortgage is very convenient for temporary loans to persons who have no real property. the mort The chattels are often insured, and the policy assigned to the person loaning the money.

107. Patents and Copyrights come under the classification of personal property. A patent is an exclusive right or privilege to receive benefits Patent. resulting from the public use of an invention or discovery. The Patent Office is established at Washington, and is under the control of the gen

gage.

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