Free Utah Bond of Motor Vehicle Dealer, Crusher or Body Shop, TC-450 - Utah

BOND NO.

BOND OF MOTOR VEHICLE DEALER, CRUSHER OR BODY SHOP
KNOW ALL PERSONS BY THESE PRESENTS: That we, of (Street Address), (City), County of

, Utah, as 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, are jointly and severally held and firmly bound to the people of the State of Utah to idemnify 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, well and truely to be made, we bind ourselves, our heirs, executors, administrators, successors and assigns, jointly, 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 well and truely observe and comply with all requirements and provisions of THE ACT PROVIDING FOR THE REGULATION AND CONTROL OF THE BUSINESS OF DEALING IN MOTOR VEHICLES, as provided by Chapter 3, Title 41, Utah Code Ann (1953, as amended), and idemnify persons, firms and corporations in accordance with Chapter 3, Title 41, Utah Code Ann. (1953, as amended), for loss suffered by reason of fraud or fraudulent representations made or by violating subsection 41-3-301(1) which requires a dealer to submit or deliver a certificate of title or manufacturers certificate of orgin, so that the total aggregate liability on the bond to all persons making claims, regardless of the number of claimants of 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), on account of fraud or fraudulent representation or for any violation or violations of said law 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. Said bounden Principal shall also pay reasonable attorneys' 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 principals. The 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, 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 anywise affect the liability of said Surety arising out of fraud or fraudulent representations or for any violation or violations of said laws by the Principal hereunder prior to the expiration of such period of sixty days, regardless of whether or not the loss suffered has been reduced to judgement before the lapse of sixty days. Signed and Sealed this day of , 20 .

Approved as to Form Office of the Utah Attorney General MVED-1 (Rev. 4/05)

__________________________ __________________________ Principal ______________________ , Surety __________________________ By
Attorney-in-Fact
TC-450.indd Rev. 4/05

INDIVIDUAL ACKNOWLEDGMENT OF PRINCIPAL
STATE OF UTAH SS COUNTY OF On this day of , in the year 20 , before me personally appeared , to me known and known to me to be the person, and described in, and who executed the foregoing instrument, and acknowledged to me that he executed the same. (NOTARY SEAL)

___________________________
Notary Public

LLP/PARTNERSHIP OR FIRM ACKNOWLEDGMENT OF PRINCIPAL
STATE OF UTAH SS COUNTY OF On this day of , in the year 20 , before me personally appeared to me known and known to me to be of the firm of described in, and who executed the same as and for the act and deed of said firm. (NOTARY SEAL)

, ,

___________________________
Notary Public

CORPORATE ACKNOWLEDGMENT OF PRINCIPAL
(TO BE COMPLETED BY CORPORATION WITH CORPORATE SEAL) STATE OF UTAH SS COUNTY OF On this day of , in the year 20 , before me personally appeared , to me known, who, being by me duly sworn, did depose and say: That he resides in , that he is of the , the cor poration described in and which executed the above instrument; that he knew the seal of said corporation, and that he signed his name thereto by like order. (CORPORATE SEAL) (NOTARY SEAL)

___________________________
Notary Public

CORPORATE ACKNOWLEDGMENT OF PRINCIPAL / LLC
(TO BE COMPLETED BY LLC OR CORPORATION WITHOUT CORPORATE SEAL) STATE OF UTAH SS COUNTY OF On this day of , in the year 20 , before me personally appeared , to me known, who, being by me duly sworn, did depose and say: That he resides in , that he is the of the , the cor poration which executed the above instrument and which is described therein; that he signed the above mentioned instrument on behalf of said corporation; that he was authorized to do so (NOTARY SEAL)

___________________________
Notary Public

AFFIDAVIT OF QUALIFICATION
STATE OF UTAH COUNTY OF SS

being first duly sworn, on oath deposes and says that he is the of said company, and that he is duly authorized to execute and deliver the foregoing obligations; that said company is authorized to execute the same and has complied in all respects with the laws of Utah in reference to becoming sole surety upon bonds, undertakings and obligations. Subscribed and sworn to before me this day of My Commission expires: 20

___________________________ ___________________________ ___________________________
Notary Public

(NOTARY SEAL)