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Fillable Printable Sample Motor Vehicle Dealer S Surety Bond

Fillable Printable Sample Motor Vehicle Dealer S Surety Bond

Sample Motor Vehicle Dealer S Surety Bond

Sample Motor Vehicle Dealer S Surety Bond

(Revised 4/14)
SAMPLE
MOTOR VEHICLE DEALER’S SURETY BOND
Bond # _________
KNOW ALL BY THESE PRESENTS, THAT
Name ___________________________________________________________________________________________
Address(es) ______________________________________________________________________________________
City, State, and Zip ____ ___ _ _____ __________ ____ ___ __ ____________ ___ ____ __________ ___ ____ ___ _________ ____
As principal, whose place of business and any supplemental location(s) operated under the same general distinguishing
number is/are located at the address(es) set forth above, and
Name ___________________________________________________________________________________________
Address(es) ______________________________________________________________________________________
City, State, and Zip ____ ___ _ _____ __________ ____ ___ __ ____________ ___ ____ __________ ___ ____ ___ _________ ____
as Surety, duly authorized and qualified to do business as a surety company in this State, are held and firmly bound to such
persons who shall conduct business with said Principal in its capacity as a motor vehicle dealer in the penal sum of TWENTY-
FIVE THOUSAND DOLLARS ($25,000), for the payment of which sum, well and truly to be made, we hereby jointly and
severally bind ourselves, our heirs, administrators, executors, successors, and assigns.
W HEREAS, the above-named Principal is applying for a license as a motor vehicle dealer,
AND W HEREAS, said Principal is required by law (Tex. Transp. Code §503.033) to submit a properly executed surety bond,
conditioned as set forth below, with said application for license,
AND W HEREAS, the bond shall run concurrently with the period of the license issued to the Principal.
THE CONDITION OF THIS OBLIGATION is such that, if during the effective period of this obligation, the Principal shall pay
all valid bank drafts, including checks, drawn by the Principal for the purchase of motor vehicles and transfer good title to
each motor vehicle that the Principal purports to sell, then this
obligation shall be void; otherwise to remain in full force and
effect.
IT IS FURTHER UNDERSTOOD AND AGREED that the above obligation shall extend, without notification to the Surety, to
any change of officers of the Principal if the Principal is a corpor
ation, to any additional locations or changes of address of the
Principal or to any substitution of business name of the Principal wherein ownership is not changed.
IT IS FURTHER UNDERSTOOD AND AGREED that this bond shall be opened to successive claims up to the face value of
the bond. The Surety shall not be liable for successive claims in excess of the bond amount, regardless of the number of
claims made against the bond. Recovery against the bond may be made by a person who obtains a judgment against a
dealer assessing damages and attorney’s fees for an act or omission on which the bond is conditioned if the act or omission
occurred during the term for which the general distinguishing number will be valid. Payment of any judgment by the Surety
shall be immediately reported to the Texas Department of Motor Vehicles, Motor Vehicle Division, P.O. Box 26487, Austin,
Texas 78755.
IN W ITNESS W HEREOF said Principal and Surety have executed this bond to be effective on the _________________ day
of _________, _____________ and to expire on the _______ day of __________________, _______________.
DATED this _______ day of ____________________________________________
(PRINCIPAL)
By: _________________________________________________
(OFFICER’S OR PROPRIETOR’S SIGNATURE)
DATED this _______ day of ____________________________________________
(SURETY)
By: _________________________________________________
In accordance with Tex. Transp. Code §503.033, this form is prescribed but not furnished by the Texas Department of Motor Vehicles as
approved by the Attorney General of Texas on July 16, 1985.
SAMPLE
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