746.04 BOND REQUIRED.

   Every such 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 free holders 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 the conditions of this chapter and shall also indemnify any purchaser at such public auction or going-out-of-business sale who suffers any loss by reason of misrepresentations in such sale. Such bond shall continue in effect until the expiration of the statute of limitations on all claims secured by the 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 such auction sale or going-out-of-business sale may maintain an action at law against such licensee, making such misrepresentations, and may join as party defendant the surety or sureties on the bond as herein provided. (Ord. 57049. Passed 7-16-53.)