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.)