An auctioneer's bond shall be approved by the tax collector and be in substance in
the following form:
"AUCTIONEER'S BOND
"KNOW ALL MEN BY THESE PRESENTS:
That we ______ as Principal, and _________ and ____________, as sureties, are held
and firmly bound, both jointly and severally, in the sum of Five Thousand Dollars,
lawful money of the United States, unto the County of Los Angeles, a political subdivision,
and to every person, firm or corporation; insuring any of them against any loss or
damage that may result to any person, firm or corporation who is aggrieved or damaged
by any act of the principal as auctioneer or by any of his employees in violation
of or contrary to any provision of Section 1317 of Ordinance No. 5860, entitled "An
ordinance regulating and licensing businesses and other activities," adopted November
27, 1951, as amended, or by the fraud or other misleading of any kind by the principal
or by any employee of the principal. This undertaking is not void upon the first recovery
but may be sued upon and recovered upon from time to time by any person aggrieved
until the whole penalty is exhausted in the full sum of $5,000 lawful money of the
United States of America, for the payment of which well and truly to be made we hereby
bind ourselves and our heirs, and each of our successors and assigns, jointly and
severally, firmly by these presents."
