UTAH CODE (Last Updated: January 16, 2015) |
Title 13. Commerce and Trade |
Chapter 14a. Equipment Repurchase from Retail Dealers |
§ 13-14a-3. Right of return on death of dealer -- Continuation of business by heirs or survivors -- Right to sell business.
Latest version.
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(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.
Amended by Chapter 317, 1995 General Session