123A.6 - TRANSFER OF BUSINESS ASSETS OR STOCK.
123A.6 TRANSFER OF BUSINESS ASSETS OR STOCK.
1. A brewer shall not unreasonably withhold or delay its approval
of any assignment, sale, or transfer of the stock or other indicia of
ownership of a wholesaler or all or any portion of a wholesaler's
assets, wholesaler's voting stock, the voting stock of any parent
corporation, or the beneficial ownership or control of any other
entity owning or controlling the wholesaler, including the
wholesaler's rights and obligations under the terms of an agreement
when the person to be substituted meets reasonable standards. Upon
the death of one of the partners of a partnership operating the
business of a wholesaler, a brewer shall not deny the surviving
partner of the partnership the right to become a
successor-in-interest to the agreement between the brewer and the
partnership, if the survivor has been active in the management of the
partnership and is otherwise capable of carrying on the business of
the partnership.
2. Notwithstanding subsection 1, upon the death of a wholesaler,
a brewer shall not deny approval for any transfer of ownership or
management to a designated member, including the rights under the
agreement with the brewer. The transfer or assignment shall not be
effective until written notice is given to the brewer, but the
brewer's consent to the transfer or assignment shall not be required.
Section History: Recent Form
95 Acts, ch 101, §6
Referred to in § 123A.3