MONEY BOND WITH A SURETY

MONEY BOND WITH A SURETY

THIS BOND is made on the ………… day of ……….. 20 …….by X son of ………. resident of …………. (hereinafter referred to as the Debtor) of the FIRST PART and Y, son of Shri ………………. resident of …………..(hereinafter referred to as the Surety) of the SECOND PART, and Z son of X ………… resident of ………..(hereinafter referred to as the creditor) of the THIRD PART.

X has request ed the creditor Z to lend him a sum of Rs ……..which the creditor has agreed to do on the debtor executing this bond and the same being secured by one surety and which the debtor and surety have agreed to do.

NOW THIS BOND WITNESSES that in consideration of the creditor lending to the debtor the sum of Rs ………. (receipt whereof the debtor hereby admits), the debtor hereby covenant to pay the creditor the said sum of Rs …………… on or before …………..with interest @ thereon and this bond further witnesseth that at the request of the debtor the surety hereby jointly and severally covenant with the creditor that in the event of the debtor committing default in payment of the said amount with interest on the due date, the surety shall pay to the creditor the said amount or part thereof remaining unpaid with interest on demand by the creditor

IN WITNESS WHEREOF, we the said debtor and surety have set and subscribed our hands on the day and year first above written.