Bond Of Motor Vehicle Dealer, Special Equipment Dealer, Crusher Or Body Shop
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BOND NO. _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
BOND OF MOTOR VEHICLE DEALER, SPECIAL EQUIPMENT DEALER, CRUSHER OR BODY SHOP
KNOW ALL PERSONS BY THESE PRESENTS: That we, _______________________________ __ __ __
_ _ ____ _ __ _ _ ___ ___ __ ___ ___ __ _________________________________ _ __ __ ,
of (Street Address) _ __ _ __ ___ ___ __ ___ ________________________________ _ __ __ __
(City), County of _ __ _ _ __ ___ ___ __ ___ ______________ , Utah, as Principal (hereinafter called Principal), and
__ __ __ _ __ _ _ __ __ ___ ___ __ ___ ________________ , a Surety Company qualified and authorized to
do business in the State of Utah, and with a rating of at least B+ with the A.M. Best Company, as Surety (hereinafter called Surety), are
jointly and severally held and firmly bound to the people of the State of Utah to indemnify persons, firms, and corporations for loss suffered
by reason of violation of the conditions hereinafter contained, in the total aggregate sum of _________________ _ __ __
Dollars ($ __ _ __ _ _ _ __ _ ), regardless of the number of claimants or the number of years a bond remains in force, as required by
Chapter 3, Title 41, Utah Code Ann. (1953, as amended), lawful money of the United States, for the payment of which sum well and truly
to be made, we, the said Principal and said Surety, bind ourselves, our heirs, executors, administrators, successors and assigns, jointly
and severally, and firmly by these presents. The total aggregate liability on this bond to all persons making claims, regardless of the
number of the claimants or the number of years a bond remains in force, may not exceed $ ___________ , as set forth in Chapter
3, Title 41, Utah Code Ann. (1953, as amended).
THE CONDITION OF THIS OBLIGATION IS SUCH THAT:
WHEREAS, the above bounden Principal has applied for a license to do business as a Motor Vehicle __________ __ _ __ __
within the State of Utah, and that pursuant to the application, a license has been or is about to be issued.
NOW, THEREFORE, if the above bounden Principal shall obtain said license to do business as such Motor Vehicle
__ __ __ _ __ _ _ __ __ _ , and shall:
1. Well and truly observe and comply with all requirements and provisions of THE MOTOR VEHICLE BUSINESS REGULATION ACT,
as provided by Chapter 3, Title 41, Utah Code Ann. (1953, as amended); and/or
2. Indemnify persons, firms and corporations in accordance with Chapter 3, Title 41, Utah Code Ann. ( 1953, as amended), for loss
suffered by reason of Principal's having failed to conduct business as a __________________ without:
(a) fraud;
(b) fraudulent representation;
(c) violating subsection 41-3-301(1), which requires a dealer to submit or deliver a certificate of title or manufacturer's certificate of
origin; or
(d) violating subsection 41-3-402(1 ), which requires payoff of liens on motor vehicles traded in;
during the time of said license and all lawful renewals thereof, then the above obligation shall be null and void; otherwise to remain
in full force and effect. A person making a claim on the bond shall be awarded attorney fees in cases successfully prosecuted or
settled against the surety or principal if the bond has not been depleted. The Surety or Principal shall notify the Motor Vehicle
Enforcement Division Administrator if a claim on the bond is successfully prosecuted or settled against the Surety or Principal.
Surety herein reserves the right to withdraw as such surety except as to any liability already incurred or accrued hereunder, and may do
so upon the giving of written notice of such withdrawal to the Principal and to the Motor Vehicle Enforcement Division Administrator
(Administrator); provided, however, that no withdrawal shall be effective for any purpose until sixty days shall have elapsed from and after
the receipt of such notice by the said Administrator; and further provided that no withdrawal shall in anyway affect the liability hereunder
of said Surety arising out of the actions of the Principal prior to the expiration of such period of sixty days, regardless of whether the loss
suffered has been reduced to judgment before the lapse of sixty days.
ANY CONFLICT BETWEEN THE TERMS OF THIS SURETY BOND AND PROVISIONS OF THE MOTOR VEHICLE BUSINESS REGU-
LATION ACT(Chapter 3 of Title 41, Utah Code Ann. (1953, as amended) SHALL BE RESOLVED IN FAVOR OF THE MOTOR VEHICLE
REGULATION ACT.
Signed and Sealed this __ _ ___ _ day of _ ___ ___ , 20 _______
_______________________ __ _ __
_______________________ __ _ __
Principal
______________________ __ , Surety
By _____________________ __ __ _ __
Attorney-in-Fact
Approved as to form
Office of the Utah Attorney General
MVED-1 (rev. 1/13)
TC-450 Rev. 10/13
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