INDEMNITY BOND WITH A SURETY IN FAVOUR OF A BANK ON THE DEATH OF AN ACCOUNT-HOLDER

By the present indemnity bond, I, namely, P, s/o ………… r/o …….. hereinafter called the principal obligant and S, s/o…………r/o………..hereinafter called the surety, are hereby held and firmly bind ourselves to People's Bank Limited, Chandni Chowk
Branch, New Delhi, in the sum of Rs…………(Rupees…….only) 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………..2005. Whereas one E since deceased had at the time of his death which occurred on the day of……….2005, the following accounts with the said bank (or etc.) namely (give particulars).
And whereas one C claims the proceeds of the said accounts as sole heir of the said late E and further represent that in as much as the deceased had died intestate, no representation to the estate was necessary.
And whereas the bank has agreed to pay the proceeds of the said accounts to the said C 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 whomsoever if the said P and S shall forthwith pay or cause to be paid to the bank the said sum of Rs……….with interest at 12% per annum and further pay for all losses, damages, costs, charges and expenses which bank may 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, whereof the said P and S have signed, sealed and delivered this bond on day, month and the year first above-mentioned.
Signed, sealed and delivered in the presence of the witnesses:
Witnesses:
1. Name                                                                                               P
Address
2. Name                                                                                               S
Address