BOND IN FAVOUR OF THE CREDITOR BY KARTA AND COPARCENER OF A TRADING JOINT HINDU FAMILY

THIS BOND is executed by A son of Shri ………..resident of………..and B son of Shri ………..resident of………..karta and member of joint Hindu family respectively, trading under the name and style of M/s. ………..in favour of ………..under the terms and conditions herein mentioned.

WHEREAS the……. Hindu joint family is trading under the name and style of M/s ….. and A is karta of the said hindu joint family and B is the major member of the said hindu joint family and

WHEREAS the said firm requires advances from time to time for their business, which is being carried on by the aforesaid joint Hindu family for the benefit of the said joint Hindu family and has requested the………………(hereinafter referred to as the‑ said Bank) to make such advances to the said joint Hindu family firm, and

WHEREAS the said bank has agreed to make such advances to the said joint Hindu family firm as in its discretion it may think proper.

NOW THIS BOND WITNESSES AS UNDER:

That the said A and B shall be responsible jointly and severally for the advances made by the said bank to the said firm and all documents signed by any one of the said A and B jointly and severally in the name of the said firm, as per specimen of signature set below, the said A and B promise that any advances so made to the said firm or either of them or jointly shall be repaid out of the joint family business and property and by each of them severally as well as jointly and by their heirs, executors, administrators, legal representatives or assigns in respect of all such advances.

A…………..

B…………..

WITNESSES