301.117. Bond requirements for service agents--paid out, when--liability limitation. - Missouri Statutes

Bond requirements for service agents--paid out, when--liabilitylimitation.

301.117. 1. The application for licensure shall beaccompanied by a corporate surety bond in the amount oftwenty-five thousand dollars and conditioned on the faithfulperformance of all requirements for the lawful obtaining orreceiving of certificates of ownership for motor vehicles.

2. The bond shall be an indemnity for any loss sustained byreason of the acts of the person bonded when such actsconstitute grounds for the suspension or revocation of hislicense. The bonds shall be executed in the name of Missourifor the benefit of any aggrieved party; except, that theaggregate liability to all aggrieved parties shall, in no event,exceed the amount of the bond. The proceeds of the bond shallbe paid upon receipt by the director of a final judgment from acourt of competent jurisdiction against the principal and infavor of an aggrieved party.

(L. 1984 S.B. 416 § 6)