Every applicant for the license required in § 818.02 shall execute and file with the City Manager a good and sufficient bond in the sum of one thousand dollars ($1,000) with two or more sureties thereon who shall be freeholders within the City, or with the surety thereon a surety company authorized to do business in the State. Such bond shall be subject to the approval of the Director of Law, shall be conditioned upon faithful observance of all the provisions of this chapter and shall also indemnify any purchaser at the distress merchandise sale who suffers any loss by reason of any misrepresentation in the sale. The bond shall continue in effect until the expiration of 90 days following the termination of the sale on all claims secured by the bond. The licensee shall notify the City Manager of any suit filed as a result of the operations hereby licensed. Any purchaser claiming to have been damaged by any misrepresentation in the distress merchandise sale may maintain an action at law against the licensee making such misrepresentation, and may join as party defendant the surety or sureties on the bond as herein provided.
(Ord. 3652, passed 11-30-1960)