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THE LAW OF Obligations and Conditions.
The Nature of an Obligation, and with what re∣spect it stands in the Eye of the LAW.
AN Obligation is taken in the Common Law for a Bond, containing a Penalty with a Condition for payment of Mony, or to do or suffer some Act or Thing, &c. And a Bill is a single Bond without a Condition. Co. Lit. 172. a. How they differ farther, vide infra Tit. Bill.
Its not a Debt simply by the Obligation, but the performance or breach of the Condition makes it to be a Debt, for the Obligation is guided by the Condition, Yelv. pag. 192. 1 Brownl. p. 109. Neal and Sheffield.
A single Obligation is taken most in favour of the Obligee; but an Obligation with a Condi∣tion is taken most in favour of the Obligor, 10 H. 7. o. 16.
Its a Debt presently upon the sealing and deli∣very; it is debitum in praesenti, though solveur dum in futuro.
It is a chose in Action. Therefore if a Bond be made for payment of Mony to a Feme Sole, Feme takes Husband and dies, the Debt due upon the Bond becomes not a Debt due to the Husband, but