(1) A supplier shall repurchase the inventory of a retailer, as if the supplier had terminated the retailer agreement, as follows:
(a) Upon the death of a retailer whose business is owned as a tenancy by the entirety, at the option of the spouse or the heir or heirs of the retailer.
(b) Upon the death of a stockholder of a corporation operating as a retailer, at the option of the heir or heirs of the stockholder and upon the consent of the board of directors.
(2) The surviving spouse or the heir or heirs may exercise the option under this section not later than one year from the date of the death of the retailer or the stockholder.
(3) Nothing in ORS 646A.300 to 646A.322 requires the repurchase of inventory by the supplier:
(a) If the supplier and the corporation acting as a retailer enter into a new retailer agreement to operate the retail dealership.
(b) If the supplier and the surviving spouse or the heir or heirs of the retailer enter into a new retailer agreement to operate the retail dealership. [Formerly 646.435]
Section: Previous 646A.284 646A.286 646A.288 646A.290 646A.300 646A.302 646A.304 646A.306 646A.308 646A.310 646A.312 646A.314 646A.316 646A.318 646A.320 NextLast modified: August 7, 2008