I don’t know why you keep thinking I’m disagreeing with you…
Cash is an asset. To get the bond he had to put assets up for the bond company. When it’s time to pay. If he doesn’t, they take the assets he agreed to put up.
Due to him over valuing property, it’s likely if property was involved, the bonds company required more than what they would have to pay is, along with cash, stocks and other types of assets.