Penal bond, Personal bond, Registered bond, Revenue bond, Serial bond

Penal bond. A bond to secure payment of a specified sum as a penalty if an obligation is not met. Often used to ensure that the terms of a contract are performed.

Personal bond. A bond issued by the party whose own potential action or default will trigger the payment or forfeiture of money up to the limits of the bond.

Registered bond. A bond that is not payable to an individual only because he or she has possession of the certificate evidencing the bond's existence, but instead is payable only to whomever the issuer's records indicate is the owner of the bond.

Revenue bond. A bond issued to raise funds for a specific project. The money used to repay the debt can derive only from the proceeds of that project.

Serial bond. One of several bonds issued at the same time, each of which has a different maturity date.

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