59.1-21.13 - Obligation of refiner to repurchase upon termination, etc., of agreement. - Virginia Statutes

§ 59.1-21.13. Obligation of refiner to repurchase upon termination, etc., ofagreement.

In the event of any termination, cancellation, or failure to renew whether bymutual agreement or otherwise, a refiner shall make or cause to be made agood faith offer to repurchase from the dealer, his heirs, successors, andassigns, at the current wholesale prices any and all merchantable productspurchased by such dealer from the refiner; provided, that in such event therefiner shall have the right to apply the proceeds against any existingindebtedness owed to him by the dealer; and provided further, that suchrepurchase obligation is conditioned upon there being no other claims orliens against such products by or on behalf of other creditors of the dealer.

(1973, c. 423; 1979, c. 306; 1990, c. 907.)