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   725.01 DEFINITIONS.
   (a)    "Public auction" means a sale or offering for sale to the highest bidder of any gold, silver, plated ware, precious stones, watches, clocks or jewelry, or like merchandise in any building, or in any of the streets or alleys, or in any other public place, where any and all persons who choose are permitted to attend and offer bids.
   (b)    A "going-out-of-business sale" of or in respect to a jewelry store or establishment, wholesale or retail, whereby any of the merchandise listed in the next paragraph is offered for sale to the public or to the ultimate customer, shall, within the meaning, requirements and provisions of this chapter, and wherever used in this chapter, include any sale or announcement, advertisement or offering for sale termed, described or referred to directly or indirectly, in form or in substance, as "Removal, " "Loss, " "Termination, Loss or Expiration of Lease," "Closing Out," "Liquidation," "Creditors," "Damaged Goods," "Forced Sale, " "Distressed Stock, " or by any other terms which shall reasonably lead the public to believe that the owner or offerer of such merchandise either by choice or necessity will no longer continue to engage in such business or that such sale is other than in the usual and ordinary course of business.
   (c)    "Stock on hand" as herein used means such gold, silver, plated ware, precious stones, watches, clocks or jewelry which a merchant usually and ordinarily carries through the year, and does not include gold, silver, plated ware, precious stones, watches, clocks, jewelry or like merchandise, purchased or otherwise acquired especially and purposely for sales at public auction or for a going-out-of-business sale.
(Ord. 4509/53. Passed 12-7-53.)
   725.02 INTENT.
   It is declared the legislative intent that jewelry auction sales or going-out-of-business sales, as herein defined, shall be held only to liquidate estates, businesses and to avoid bankruptcy or the like, and shall not be permitted as established merchandising practice.
(Ord. 4509/53. Passed 12-7-53.)
   725.03 LICENSE REQUIRED.
   No person shall sell or offer for sale at public auction, or as a going-out-of-business sale, as defined in this chapter, any gold, silver, plated ware, precious stones, watches, clocks, jewelry or like merchandise, whether the same be his property or that of another, unless licensed to do so as hereinafter provided. Nothing contained in this chapter shall be deemed to apply to any person executing a process or order of a court of competent jurisdiction, nor to licensed pawnbrokers nor loan companies selling or offering for sale unredeemed pledges or chattels in the manner provided by law.
(Ord. 4509/53. Passed 12-7-53.)
   725.04 APPLICATION FOR LICENSE.
   An applicant for a license required by Section 725.03 shall file an application therefor with the Mayor, not later than thirty days prior to the auction sale, or going-out-of-business sale, to be licensed upon forms prescribed by the Mayor, which shall include, in addition to the name and address of the applicant, and the location and time of the proposed auction sale, or going-out-of-business sale, a sworn statement of the stock on hand and the stock to be offered at auction or going-out-of-business sale, the quantity, kind or grade of each item, the wholesale market value thereof and the name of the owner of such merchandise for at least one year prior to the proposed auction sale or going-out-of-business sale thereof and such other information as the Mayor shall prescribe.
(Ord. 4509/53. Passed 12-7-53.)
   725.05 BOND REQUIRED.
   Every applicant shall execute and file with the Mayor a good and sufficient bond in the sum of two thousand five hundred dollars ($2,500), 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 of Ohio, and which bond shall be to the approval of the Director of Law, and shall be conditioned upon faithful observance of all the conditions of this chapter and shall also indemnify any purchaser at the public auction or going-out-of-business sale who suffers any loss by reason of misrepresentations in such sale. The bond shall continue in effect until expiration of the statute of limitations on all claims secured by such bond. The licensee shall notify the Mayor of any suit filed as a result of the operations hereby licensed. Any purchaser claiming to have been damaged by misrepresentation in the auction sale or going-out-of-business sale may maintain an action at law against the licensee making such misrepresentations, and may join as party defendant the surety or sureties on the bond as herein provided.
(Ord. 4509/53. Passed 12-7-53.)
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