Code of Virginia

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Code of Virginia
Title 59.1. Trade and Commerce
Chapter 27.1. Equipment Dealers Protection Act

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

A. Whenever a dealer enters into an agreement evidenced by a written or oral contract in which the dealer agrees to maintain an inventory, and the agreement is terminated by either party, the supplier shall repurchase the dealer's inventory as provided in this chapter unless the dealer chooses to keep 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's account.

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

2002, c. 898.

The chapters of the acts of assembly referenced in the historical citation at the end of this section may not constitute a comprehensive list of such chapters and may exclude chapters whose provisions have expired.