A. Any person desiring a license under this chapter, before receiving any such license, shall furnish a surety bond in the principal sum of five thousand dollars conditioned as follows:
1. Upon the observance by the applicant of all the provisions of this chapter relating to such bankruptcy or such liquidation sale;
2. Upon the truth of all of the representations made in connection with the application for such license;
3. Upon the truth of all of the representations made in the course of any bankruptcy or liquidation sale; and
4. As a guarantee that the purchase price of any article purchased at such sale will be returned to any purchaser upon the proof that any false or misleading statement or representation has been made concerning any personal property sold or offered for sale at any such bankruptcy or liquidation sale, or where the sale is conducted.
B. The bond by its terms shall be made to inure to the benefit of any person injured or aggrieved as a result of any such sale or any purchase made thereat, and shall provide that any such injured or aggrieved person shall have a right of independent action thereon for a period of sixty days from and after the date upon which the purchase, act, statement, or representation was made which constitutes the basis of such action.
(Ord. 466 § 3, 1985: Ord 153 § 1(part), 1960: Ord. 138 § 1 (B), 1958).