301.117. Bond requirements for service agents — paid out, when — liability limitation. — 1. The application for licensure shall be accompanied by a corporate surety bond in the amount of twenty-five thousand dollars and conditioned on the faithful performance of all requirements for the lawful obtaining or receiving of certificates of ownership for motor vehicles.
2. The bond shall be an indemnity for any loss sustained by reason of the acts of the person bonded when such acts constitute grounds for the suspension or revocation of his license. The bonds shall be executed in the name of Missouri for the benefit of any aggrieved party; except, that the aggregate liability to all aggrieved parties shall, in no event, exceed the amount of the bond. The proceeds of the bond shall be paid upon receipt by the director of a final judgment from a court of competent jurisdiction against the principal and in favor of an aggrieved party.
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(L. 1984 S.B. 416 § 6)
---- end of effective 28 Aug 1984 ----
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