322F.5 - DEATH OR INCAPACITY OF DEALER.

        322F.5  DEATH OR INCAPACITY OF DEALER.         If a dealer or a person holding a majority interest in a business      entity operating a dealership dies or is incapacitated, the rights      under this chapter may be exercised as an option by the heirs at law      if the dealer or majority interest holder died intestate, or by the      executor under the terms of the dealer's or majority interest      holder's will.  If the heirs or the executor do not exercise this      option within twelve months from the date of death of the dealer or      majority interest holder, the supplier must repurchase the equipment      as if the supplier had terminated the dealership agreement pursuant      to section 322F.3.  However, this section does not entitle an heir,      executor, administrator, legatee, or devisee of a deceased dealer or      majority interest holder to continue to operate the dealership      without the consent of the supplier.  
         Section History: Recent Form
         90 Acts, ch 1077, §6; 2003 Acts, ch 55, §6