The Development of the Penal Bond with Conditional Defeasance

Journal of Legal History, Vol. 26, p. 103, 2005

U of Cincinnati Public Law Research Paper No. 06-14

27 Pages Posted: 21 Jul 2006

See all articles by Joseph Biancalana

Joseph Biancalana

University of Cincinnati - College of Law

Abstract

The development of the penal bond with endorsed conditional defeasance presents a problem because the earliest monetary penalties in English contracts took the form of straight-forward penalty clauses. It is hard to see how the convoluted penal bond developed from such penalty clauses. This article traces the development of the penal bond from debt recognizances defeasible by the performance of conditions stated in a separate document. The logic of the defeasible recognizance was carried over to other arrangements including the penal bond with endorsed conditional defeasance.

Keywords: Defeasance, Penal Bond

JEL Classification: K30, K39, K49

Suggested Citation

Biancalana, Joseph, The Development of the Penal Bond with Conditional Defeasance. Journal of Legal History, Vol. 26, p. 103, 2005; U of Cincinnati Public Law Research Paper No. 06-14. Available at SSRN: https://ssrn.com/abstract=918531

Joseph Biancalana (Contact Author)

University of Cincinnati - College of Law ( email )

P.O. Box 210040
Cincinnati, OH 45221-0040
United States

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