Scribd
Upload
3 views2 pages

Indemnity Bond

This indemnity bond is executed by a partner of a firm following the death of the other partner, allowing the surviving partner to manage the firm's current account and wind up the business. The bond includes a list of heirs of the deceased partner and states that there is no will or other legal heirs. The surviving partner agrees to indemnify the bank against any claims related to the account operations.

Uploaded by

abhirajatlaw
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as RTF, PDF, TXT or read online on Scribd
3 views2 pages

Indemnity Bond

This indemnity bond is executed by a partner of a firm following the death of the other partner, allowing the surviving partner to manage the firm's current account and wind up the business. The bond includes a list of heirs of the deceased partner and states that there is no will or other legal heirs. The surviving partner agrees to indemnify the bank against any claims related to the account operations.

Uploaded by

abhirajatlaw
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as RTF, PDF, TXT or read online on Scribd
You are on page 1/ 2

INDEMNITY BOND

This indemnity Bond is executed


by............................................................... ............................................ on this day
of........................................... in favour of (name of Bank).

WHEREAS I am holding 50% partnership in the firm in the name and style
of...................................

AND WHEREAS the only other and also 50%


partner................................... ........................................ died on............................. (copy of death
certificate annexed hereto).

AND WHEREAS the firm (name of firm) is dissolved on the death of


Shri............................................. and I have to carry out the winding up operation of the
business by realizing the outstandings of the firm which are borne in the name of the firm in the
records of various creditors and have to incur expenses out of the funds, which are presently
lying deposited in the Current Bank Account No. .................... with abovesaid branch of (name
of Bank).

AND WHEREAS Shri.............................................. deceased, 50% partner, is survived by the


following heirs:

1. .....................................................

2. .....................................................

3. .....................................................

4. .....................................................

5. .....................................................

Shri................................... since deceased, has not left behind any Will and there is no other
legal heirs except mentioned above.

IN CONSIDERATION of the Bank allowing me to operate upon the said current account
No........................... of the Firm and to withdraw the amount lying deposited or which may be
hereafter paid and/or transferred to the said account or to any account in my name, or to be
operated by me, I hereby undertake to indemnify and keep indemnified the bank against all
claims.

IN WITNESS WHEREOF WE HAVE HEREUNTO SET AND SUBSCRIBED OUR HANDS ON


THE PRESENCE OF WITNESS ON THE................. DAY OF.................................... IN THE
PRESENCE OF:

WITNESS:
(.......................................... )
1.
(.......................................... )

2.
(.......................................... )

You might also like