To repay or restore; to return money had by one party of another. Refunding bond. A bond given to an executor by a legatee, upon receiving payment of the legacy, conditioned to refund the same, or so much of it as may be necessary, if the assets prove deficient. Refunds. In the laws of the United States, this term is used to denote sums of money received by the government or its officers which, for any cause, are to be refunded or restored , to the parties paying them; such as excessive duties or taxes, duties paid on goods destroyed by accident, duties received on goods which are re-exported, etc.