47-25-1508 - Transfer or assignment of franchisee's business.
47-25-1508. Transfer or assignment of franchisee's business.
(a) Upon giving the franchisor written notice of intent to transfer the franchisee's business, any individual owning or deceased individual who owned an interest in a franchise may transfer or assign the franchisee's business to the spouse, child, grandchild, parent, brother or sister of such individual. The consent or approval of the franchisor shall not be required.
(b) Any individual owning or deceased individual who owned an interest in a franchise may transfer the franchisee's business to a person other than such individual's spouse, child, grandchild, parent, brother or sister; provided, that:
(1) Such individual has notified the franchisor in writing of the nature, terms and provisions of such transfer;
(2) Such individual has provided the franchisor the opportunity to match the terms and conditions of such offer; and
(3) The proposed transferee meets the nondiscriminatory, material, and consistently applied and reasonable qualifications and standards of the franchisor.
(c) If the franchisor disapproves of a transfer as proposed in subsection (b), the consent or approval of the franchisor shall not be required if the franchisor does not elect to match the terms and conditions of such transfer or proposal, within sixty (60) days of notice, and another transferee who meets its requirements matches the terms and conditions of such offer.
[Acts 1989, ch. 392, § 8.]