indemnity bond:
(18c)
1. A bond to reimburse the holder for any actual or claimed loss caused by the issuer’s or some other person’s conduct. [1]
1. A bond to indemnify the obligee or indemnitee against loss from the conduct of the obligor or indemnitor or from the conduct of a third person. 12 Am J2d Bonds § 1.
A bond, the condition of which is the indemnification of the obligee against loss from the incurrence of liability from an act, for example a bond indemnifying a sheriff in seizing and holding property claimed by a person other than the defendant under the process with which the sheriff is armed. 30 Am J2d Exec § 752.
Where the legislature is licensing occupational groups, requires a bond as a part of the general scheme of protection of the public, the bond is an indemnity rather than a penal bond. Anchor Casualty Co. v Commissioner of Securities, 259 Minn 277, 107 NW2d 234. [2]
1. A bond to indemnify the indemnitee against loss from the conduct of the indemnitor or from the conduct of a third person. [3]
References:
Disclaimer: All material throughout this website is compiled in accordance with Fair Use.
[1]: Black’s Law Dictionary Deluxe Tenth Edition by Henry Campbell Black & Editor in Chief Bryan A. Garner. ISBN: 978-0-314-62130-6
[2]: Ballantine’s Law Dictionary with Pronunciations
Third Edition by James A. Ballantine (James Arthur 1871-1949). Edited by William S. Anderson. © 1969 by THE LAWYER’S CO-OPERATIVE PUBLISHING COMPANY. Library of Congress Catalog Card No. 68-30931
[3]: Ballantine’s Law Dictionary Legal Assistant Edition
by Jack Ballantine (James Arthur 1871-1949). Doctored by Jack G. Handler, J.D. © 1994 Delmar by Thomson Learning. ISBN 0-8273-4874-6.
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