59.1-352.4 - Supplier's duty to repurchase. - Virginia Statutes

§ 59.1-352.4. Supplier's duty to repurchase.

A. Whenever a dealer enters into an agreement evidenced by a written or oralcontract in which the dealer agrees to maintain an inventory, and theagreement is terminated by either party, the supplier shall repurchase thedealer's inventory as provided in this chapter unless the dealer chooses tokeep the inventory. If the dealer has any outstanding debts to the supplier,then the repurchase amount may be set off or credited to the retailer'saccount.

B. Whenever a dealer enters into an agreement in which the dealer agrees tomaintain an inventory, and the dealer, or the majority stockholder of thedealer if the dealer is a corporation, dies or becomes incompetent, thesupplier shall, at the option of the heir, personal representative, orguardian of the dealer, or the person who succeeds to the stock of themajority stockholder, repurchase the inventory as if the agreement had beenterminated. The heir, personal representative, guardian, or succeedingstockholder has one year from the date of the death of the dealer or majoritystockholder to exercise the option under this chapter.

(2002, c. 898.)