The bond required in Section 6.12.110 shall indemnify any purchaser at the public auction held by the holder of such a permit, who suffers any loss by reason of any misrepresentations or deception made or practiced by the applicant, his agents, servants or employees either at the time of making the sale or through any advertisement of any character whatsoever printed or circulated by the principal, his agents, servants or employees.

The bond shall contain the further provision that it insures to the benefit of any and all persons who may be damaged by reason of any failure on the part of the person made therein to comply with the provisions of the bond, and that any person so damaged may maintain an action thereon against the person named in the bond, and the surety upon the bond, and that the bond may be sued and recovered upon in several actions until the whole penalty is exhausted. (Ord. 353 NCS §3.2; prior code §5.11.)