WVC 47 - 11 B- 9
§47-11B-9. Bond required.
No license shall be issued unless the applicant files with
the commissioner a bond with corporate surety payable to the
state of West Virginia conditioned upon the faithful observance
of all the provisions of this article, the payment to any
municipality or the state of all taxes due and owing or which may
become due and the indemnifying of any purchaser at such sale who
suffers any loss by reason of misrepresentation made in
connection with such sale: Provided,
That the aggregate
liability of the surety for all breaches of the conditions of the
bond shall in no event exceed the amount of said bond. The
amount of said bond shall be determined as follows: Five percent
of the first one hundred thousand dollars of the retail value of
all the goods, wares and merchandise to be offered at such sale,
two percent of the next four hundred thousand dollars and one
percent of the balance. Said bond shall be approved as to form
and sufficiency by the prosecuting attorney or his assistant of
the county in which such sale is to be conducted.
Note: WV Code updated with legislation passed through the 2015 Regular Session
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