indemnity bond


indemnity bond
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 in 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.

Ballentine's law dictionary. . 1998.

Look at other dictionaries:

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  • indemnity contract — A contract whereby one agrees to save another from the legal consequence of the conduct of one of the parties or of some other person. 27 Am J1st Indem § 2. See indemnity; indemnity bond …   Ballentine's law dictionary

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