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.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.