{"id":11856,"date":"2018-01-05T06:45:31","date_gmt":"2018-01-05T06:45:31","guid":{"rendered":"https:\/\/reunitethestates.org\/?page_id=11856"},"modified":"2018-01-05T06:45:31","modified_gmt":"2018-01-05T06:45:31","slug":"indemnity-bond-a-bond-to-reimburse-the-holder-for-any-actual-or-claimed-loss-caused-by-the-issuers-or-some-other-persons-conduct","status":"publish","type":"page","link":"https:\/\/reunitethestates.org\/?page_id=11856","title":{"rendered":"Indemnity Bond – a bond to reimburse the holder for any actual or claimed loss caused by the issuer\u2019s or some other person\u2019s conduct"},"content":{"rendered":"

indemnity bond<\/span>:<\/span>
\n<\/strong>(18c)<\/span><\/p>\n

1. A bond to reimburse the holder for any actual or claimed loss caused by the issuer\u2019s or some other person\u2019s conduct. <\/strong>[1]<\/span><\/p>\n

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.\u00a0 12 Am J2d Bonds \u00a7 1<\/span>.<\/span><\/strong><\/p>\n

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.\u00a0 30 Am J2d Exec \u00a7 752<\/span>.<\/span><\/strong>
\n\u00a0\u00a0\u00a0\u00a0 Where the legislature is licensing occupational groups, requires a bond as a part of the general scheme\u00a0 of protection of the public, the bond is an indemnity rather than a penal bond.\u00a0 Anchor Casualty Co. v Commissioner of Securities<\/em>, 259 Minn 277, 107 NW2d 234<\/span>.<\/strong> [2]<\/span><\/p>\n

1. A bond to indemnify the indemnitee against loss from the conduct of the indemnitor or from the conduct of a third person.<\/strong> [3]<\/span><\/p>\n

References:<\/span><\/span><\/strong><\/p>\n

Disclaimer:<\/span><\/span><\/strong> All material throughout this website is compiled in accordance with Fair Use<\/a><\/span><\/strong>.<\/strong><\/p>\n

[1]: Black\u2019s Law Dictionary\u00a0Deluxe Tenth Edition\u00a0by Henry Campbell Black & Editor in Chief Bryan A. Garner<\/a>. ISBN: 978-0-314-62130-6<\/span><\/strong><\/p>\n

[2]: Ballantine\u2019s Law Dictionary\u00a0<\/a><\/span><\/strong>with Pronunciations
\n<\/span><\/em>Third Edition<\/span><\/strong><\/a>\u00a0by James A. Ballantine\u00a0<\/span><\/strong>(James Arthur 1871-1949).\u00a0\u00a0<\/span><\/em>Edited by William S. Anderson.\u00a0\u00a0\u00a9 1969 by THE LAWYER\u2019S CO-OPERATIVE PUBLISHING COMPANY.\u00a0 Library of Congress Catalog Card No. 68-30931<\/span><\/strong><\/p>\n

[3]: Ballantine’s Law Dictionary <\/a><\/span><\/strong>Legal Assistant Edition<\/span><\/a><\/em>
\nby Jack Ballantine\u00a0<\/span><\/strong>(James Arthur 1871-1949).\u00a0\u00a0<\/span><\/em>Doctored<\/span><\/a><\/strong>\u00a0<\/span><\/em>by\u00a0Jack G. Handler,\u00a0J.D.<\/a>\u00a0\u00a9 1994 Delmar by Thomson Learning.\u00a0 ISBN 0-8273-4874-6.<\/span><\/strong><\/p>\n

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