§ 18B-1213. Obligations of purchaser. - North Carolina Statutes

§18B‑1213.  Obligations of purchaser.

The purchaser of a winery isobligated to all the terms and conditions of an agreement in effect on the dateof the purchase, except for good cause, which includes,

(1)        Revocation of thewholesaler's permit or license to do business in this State,

(2)        Bankruptcy orinsolvency of the wholesaler,

(3)        Assignment for thebenefit of creditors or similar disposition of the assets of the wholesaler, or

(4)        Failure by thewholesaler to comply substantially, without reasonable excuse or justification,with any reasonable and material requirement imposed upon him by the winery.

As used in this Article,"purchase" includes the sale of stock, sale of assets, merger, lease,transfer, or consolidation. (1983, c. 85, s. 2.)