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A "going-out-of-business sale", for purposes of this chapter, means any sale or offering for sale of merchandise to the public, or to the ultimate customer, which is not had or done in the ordinary course of business but is had or done pursuant to the liquidation, by choice or necessity of a business. Any going-out-of-business sale otherwise provided for in other chapters of the Codified Ordinances shall not constitute a "going-out-of-business sale" for purposes of this chapter.
(Ord. 9287/83. Passed 2-9-83.)
An applicant for a license required by Section 726.02
shall file an application therefor with the Mayor, not later than thirty days prior to the 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 going-out-of-business sale, a sworn statement of the stock on hand and the stock to be offered at the 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 going-out-of-business sale and such other information as the Mayor shall prescribe.
(Ord. 9287/83. Passed 2-9-83.)
Every applicant under this chapter 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, and which bond shall be to the approval of the Director of Law, and shall be conditioned upon faithful observance of all of the conditions of this chapter and shall also indemnify any purchaser at the 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 going-out-of-business 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. 9287/83. Passed 2-9-83.)
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