Section 32-6B-35 - Dealer's car auction agency--Bond requirements--Dealer's right of action--Liabilityof surety. - South Dakota Statutes

32-6B-35. Dealer's car auction agency--Bond requirements--Dealer's right of action--Liability of surety. Each auction agency shall, before conducting any auction sale, file with the department, a bond in the amount of fifty thousand dollars to the State of South Dakota, with a corporate surety authorized to do business in this state, and conditioned to pay all losses, damages, and expenses of any dealer which may be experienced by the failure of the title to or by any fraud, misrepresentation, or breaches of warranty as to freedom from liens of any vehicle which is sold by such agency. Each auction agency shall keep the bond in effect at all times, and any dealer damaged by the breach thereof shall have a right of action in his own name. The aggregate liability of the surety for all breaches of the conditions of the bond may not exceed the amount of such bond.

Source: SL 1986, ch 250, § 36.