A. In addition to the inventory, the applicant shall submit, together with the application, a fee of two hundred dollars, and shall file with the county board of supervisors a bond in a form approved by the board, executed by a surety company authorized to do business in this state, in an amount equal to one-half of the cost value of the articles inventoried for sale, said bond to be approved by the board of supervisors.

Terms Used In Arizona Laws 44-1676

  • Action: includes any matter or proceeding in a court, civil or criminal. See Arizona Laws 1-215
  • Auction: means the sale of jewelry at either private or public sale, upon oral or written bids, to the highest bidder, and includes all such sales by whatever name called. See Arizona Laws 44-1671
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • File: when used in connection with information on any consumer, means all of the information on that consumer recorded and retained by a consumer reporting agency regardless of how the information is stored. See Arizona Laws 44-1691
  • Person: means an individual, partnership, corporation, association, or any other entity of whatever kind or nature. See Arizona Laws 44-1691

B. The bond shall run to the state of Arizona and shall be conditioned that it is for the use or benefit of the person who may be damaged by the violation of any provision of this article by the licensee, his employees or agents, or who may have the cause of action against said licensee, his employees or agents by reason of any matters arising out of the conduct of the auction. Any such person shall have, in addition to any other right of action which he may have, a right of action on the bond for all damages not exceeding one thousand dollars, and the aggregate liability of the surety upon the bond for all claims which may arise thereunder shall not exceed the sum specified in the bond.

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