Joint Bond Law and Legal Definition
Joint bond is a bond signed or guaranteed by two or more obligors. It is a bond on which the obligors are only liable in combination, that is, jointly, and not severally. [Municipal Court v. Whaley, 25 R.I. 289 (R.I. 1903)].
All the obligors must be joined in any action brought on the joint bond. The assets of all the guarantors can be called upon to pay the bond holders if a default occurs. A joint bond is different from a joint-and-several bond, on which any or all of the obligors may be sued at the option of the obligee.
Legal Definition list
- Joint Board for the Enrollment of Actuaries
- Joint Bankruptcy Petition
- Joint Bank Account
- Joint Applicants (Trademark)
- Joint Annuity
- Joint Bond
- Joint Check Agreement
- Joint Chiefs of Staff [JCS]
- Joint Commission on Accreditation of Healthcare Organizations
- Joint Committee (Constitution)
- Joint Committee on Atomic Energy
