If any purchaser of such article or thing sold shall, within 48 hours, make a claim against said licensee upon the ground that the article or thing sold to him at auction was not as represented by the auctioneer, and shall demand of the licensee the return of the money or other consideration, and shall offer to return the article or thing purchased, then and in such case the licensee shall return to the purchaser the purchase price, or deposit with the Chief of Police, taking his receipt therefor, said purchase price as a fund to answer and pay any judgment that may be recovered against said licensee by the purchaser, provided that if no action shall be commenced against said licensee within 15 days from the date of such sale, the Chief of Police shall not be required longer to hold such money deposited with him and upon presentation of the receipt may return said money to the licensee, provided further that, in case the licensee shall refuse to return the price paid for such article or articles, the purchaser shall have the right to commence and maintain an action directly on the bond provided for by this chapter and in the name of the Town of West New York.