BONDS FOR PAYMENT OF MONEY
AN ACT in Relation to Bonds for the Payment of Money.
WHEREAS, it is customary in obligations in writing, executed under the hands and seals of obligors, commonly called bonds, for said obligors to bind themselves in a penal sum of double the amount of the debt, conditioned for the payment of certain sums of money, with interest, costs and counsel fees; and
WHEREAS, there is a desire on the part of many persons to shorten the form of obligations and of mortgages, commonly in use in this State; and
WHEREAS, an Act has been passed by the General Assembly at its present session providing for a mortgage of shorter form than that now commonly in use in this State, and in the form of mortgage provided in said Act there is no provision for the recital of a penal sum in any obligation thereby secured; and
WHEREAS, certain Attorneys at law and others in this State have requested and are anxious for the passage of an Act providing that bonds need not contain a penal sum ; and
WHEREAS, the General Assembly is advised that many obligations in writing, executed under the hands and seals of the obligors, and intended to be bonds do not recite any penal sum; and
WHEREAS, the General Assembly deems valid under existing law, as bonds such obligations in writing, executed under the hands and seals of the obligors, without mention of any penal sum; and
WHEREAS, the General Assembly is willing to accede to the wishes of persons desiring legislation expressly authorizing the use of bonds without penal sums, although in the opinion of the General Assembly such legislation is unnecessary, now therefore, Be it enacted by the Senate and House of Representatives of the State of Delaware, in General Assembly met:
Section I. That an obligation in writing, executed under the hand and seal of the obligor, by which he binds himself to pay a certain sum of money at a designated time, with interest, costs and counsel fees, as provided by law, shall he deemed and construed to be a bond, although no penal sum be named therein, and suits and proceedings may be brought thereon and judgments entered for the amount due, including debt, interest, costs and counsel fees in accordance with the warrant of attorney contained therein.
Section 2. This Act shall not be deemed to invalidate or raise a question concerning the validity of any bond, or not invalidated obligation in writing, under the hand and seal of the obligor, heretofore made, executed and delivered and not containing the recital of a penal sum.
Approved April 5, A. D. 1923