Name/Title
Financial Bond executed by The Goshen Savings Bank and William Henry PiersonEntry/Object ID
002887Tags
William Henry PiersonScope and Content
Overview of the Agreement
This document is a formal financial bond executed in the state of New York, establishing a debt obligation between an individual and a local savings bank.
Key Details
Debtor (Party of the First Part): William Henry Pierson of the town of Hamptonburgh, County of Orange, State of New York.
Creditor (Lender): The Goshen Savings Bank, located in the town of Goshen, County of Orange, State of New York.
Date of Execution: June 17, 1892.
Financial Terms
Total Penalty/Bond Amount: $3,800 (The maximum bound obligation stated
Actual Principal Loan Amount: $1,900, due precisely one year from the date of the document.
Interest Rate: 5% per annum, payable semi-annually.
Conditions and Clauses
Default Clause: As detailed in the full principal amount becomes entirely due at the option of The Goshen Savings Bank if the debtor defaults on interest payments for 30 days.
Insurance Requirement: The debtor is legally bound to keep the buildings on the mortgaged premises insured against fire loss for the explicit benefit of the bank.
Notarization: The document was signed by William H. Pierson and witnessed/notarized on June 17, 1892, by Joseph Merritt, a Notary Public in Orange County, New York.
