MURRAH, Circuit Judge.
The appellant, Commercial Insurance Company, issued its statutory motor vehicle dealer's bond in the penal sum of $5,000 to one Donald E. Powell to comply with the New Mexico statute, for a license to engage in the automobile business in Santa Fe, New Mexico. The bond was conditioned that Powell "* * * shall conduct his business as a dealer * * * of vehicles without fraud or fraudulent representation, and that said applicant shall pay losses...
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