penal sum การใช้

• A key term in nearly every surety bond is the " penal sum ".
• Prices are as a percent of the penal sum ( the maximum that the surety is liable for ) ranging from around one percent to five percent, with the most credit-worthy contracts paying the least.
• For example, for a $ 100, 000 bond for a person who owns a home, the bond agent would charge $ 10, 000 and take a mortgage against the house for the full penal sum of the bond.
• Although Chancery was more favorable to the debtor, it still maintained a relatively strict line in these cases : injunctions were not routinely granted  simply on the ground that the penal sum was outrageously disproportionate to the underlying debt .  The 1557 case of " Chamberlayn v . Iseham ", illustrates this point.
• The appointee was to enter into a bond with the trustees " in the penal sum of ?00 at the least conditioned for the due observance of the several rules and conditions " set out in the trust deed, including that he " shall duly and properly teach and instruct children to read, write and cast accompts and that his wife or some sufficient person to be by him provided shall teach girls to knit and sew ".
• Beyond these cases,  by about 1562 Chancery was beginning to feel that the law of harsh penalties for small defaults was wrong in principle,  having held on a number of occasions that the defendant obligee could not recover more than his damages, notwithstanding the fact that he could have recovered at common law the entire penal sum irrespective of the amount he had been harmed (  damnified in the verbiage of the time ).
• And provided, and be it further enacted, That before any commission, as aforesaid, shall be issued, the owner or owners of the ship or vessel for which the same shall be requested, and the commander thereof, for the time being, shall give bond to the United States, with at least two responsible sureties, not interested in such vessel in the penal sum of seven thousand dollars; or if such vessel be provided with more than one hundred and fifty men, then in the penal sum of fourteen thousand dollars; with condition that the owners, and officers, and crews who shall be employed on board of such commissioned vessel, shall and will observe the treaties and laws of the United States, and the instructions which shall be given them for the regulation of their conduct : And will satisfy all damages and injuries which shall be done or committed contrary to the tenor thereof, by such vessel, during her commission, and to deliver up the same when revoked by the President of the United States.
• And provided, and be it further enacted, That before any commission, as aforesaid, shall be issued, the owner or owners of the ship or vessel for which the same shall be requested, and the commander thereof, for the time being, shall give bond to the United States, with at least two responsible sureties, not interested in such vessel in the penal sum of seven thousand dollars; or if such vessel be provided with more than one hundred and fifty men, then in the penal sum of fourteen thousand dollars; with condition that the owners, and officers, and crews who shall be employed on board of such commissioned vessel, shall and will observe the treaties and laws of the United States, and the instructions which shall be given them for the regulation of their conduct : And will satisfy all damages and injuries which shall be done or committed contrary to the tenor thereof, by such vessel, during her commission, and to deliver up the same when revoked by the President of the United States.