407.880. Death of retailer or majority stockholder--option of surviving spouse or heir for repurchase of inventory, time limitation, exception. - Missouri Statutes

Death of retailer or majority stockholder--option of surviving spouseor heir for repurchase of inventory, time limitation, exception.

407.880. In the event of the death of the retailer or thespouse of a surviving retailer if the retailer is operating as atenancy by the entireties or the majority stockholder of acorporation operating as a retailer, the wholesaler, manufactureror distributor shall, at the option of the surviving spouse orthe heir or heirs, repurchase the inventory from the survivingspouse or the heir or heirs of the retailer or majoritystockholder as if the wholesaler, manufacturer or distributor hadterminated the contract. The surviving spouse or the heir orheirs shall have one year from the date of the death of theretailer or majority stockholder to exercise their options undersections 407.850 to 407.885. Nothing in sections 407.850 to407.885 shall require the repurchase of any inventory if thesurviving spouse or the heir or heirs and wholesaler,manufacturer or distributor enter into a new contract to operatethe retail dealership.

(L. 1982 H.B. 958 § 7)