Indemnity Bond in favour of Bank or Limited Company

Indemnity Bond in favour of Bank or Limited Company

KNOW ALL MEN by these presents we, AB of, etc., (principal debtor), and CD of, etc. (surety), are hereby held and firmly bind ourselves unto ………… bank, a company etc., in the sum of Rs. ………… of lawful good money for which payment to be truly and faithfully made, we bind ourselves as well as our respective heirs, executors, administrators and representatives.

Sealed with our seal this day of ………… 2000.

WHEREAS one EF since deceased had at the time of his death which occurred on the day of 2000 the following accounts with the said bank (or, etc.), namely, etc.: And whereas the said AB claims the proceeds of the said accounts as the sole heir of the said late EF and further represented that inasmuch as the deceased had died intestate, no representation to the estate was necessary and, as such, the same has not been taken out. And whereas the bank has agreed to pay the proceeds of the said accounts to the said AB aggregating to Rs. ………… on his furnishing security with one surety in terms hereunder contained. Now the condition of the above-written bond or obligation is such that in the event of any claim being at any time hereafter

made to the proceeds of the said accounts by any other person or persons if the said AB and CD shall forthwith pay or cause to be paid to the bank the said sum of Rs. ……… with interest at 18% per annum and further pay for all losses, damages, costs, charges and expenses which the bank may reasonably incur or suffer and/or otherwise indemnify and keep indemnified the bank, its officers and agents in all other respects on account therefor, then and in such an event the above-written bond or obligation shall be void, otherwise the same shall remain in full force and virtue.

In  witness, etc.

Signed, sealed and delivered                                                                   AB