87-413. Successor in interest; trial lease and franchise agreement; procedure.
133 words·~1 min read·
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(1)Upon meeting the reasonable qualifications referred to in section 87-411 , the successor in interest shall be entitled to enter into a one-year trial lease and franchise agreement with the franchisor as provided by the Petroleum Marketing Practices Act, 15 U.S.C. 2801.
(2)The primary successor in interest shall have twenty-one days after the death of the franchisee to give written notice of an election to enter into the trial lease and franchise. The notification shall contain such information regarding business experience and credit worthiness as is reasonably required by the franchisor.
(3)If the successor in interest assumes the franchise, the successor in interest shall account to the heirs or estate of the deceased franchisee for the value of personal property of the franchisee located at or related to the franchise.