51-07-25. Motor vehicle fuel franchise agreements.
77 words·~1 min read·
/nd/title-51/chapter-51-07-miscellaneous-provisions/51-07-25·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A motor vehicle fuel franchise agreement may not require a security deposit except for the purpose of securing against loss of or damage to property. The dealer may satisfy any security deposit required by depositing cash or pledging a savings account or its equivalent in a financial institution in this state. Earnings accruing on a savings account or its equivalent are the property of the dealer and the dealer may withdraw the earnings annually from the account.