13-14a-3. Right of return on death of dealer -- Continuation of business by heirs or survivors -- Right to sell business.
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13-14a-3. Right of return on death of dealer -- Continuation of business by heirs or survivors -- Right to sell business.
(1)Upon the death of a dealer, the death of a general partner in a partnership operating as a dealer, or the death of a majority shareholder in a corporation operating as a dealer, the manufacturer or wholesaler shall repurchase the inventory under Section 13-14a-2 .
(2)Subsection
(1)does not apply if the heirs of the decedent, the remaining partners, or the remaining shareholders elect to continue to operate the dealership and reaffirm an existing agreement or enter into a new agreement with the manufacturer or wholesaler within 180 days or any longer period as they may agree.
(3)A manufacturer may not unreasonably withhold approval of a new sales agreement from a third party if:
(a)the dealer elects to sell the dealer's business to the third party; or
(b)on the death of a dealer, the death of a general partner in a partnership operating as a dealer, or the death of a majority shareholder in a corporation operating as a dealer, the heirs of the decedent, the remaining partners, or the remaining shareholders elect to sell the business to the third party.
Amended by Chapter 317 , 1995 General Session