Arizona § 28-4461 Right of designated family member to succeed in ownership

Arizona Statutes

§ 28-4461 — Right of designated family member to succeed in ownership

Arizona·Title 28 Arizona Revised Statutes·Ch. 10 VEHICLE DEALERS, AUTOMOTIVE RECYCLERS AND TRANSPORTERS·Art. 5 Franchise Regulation

A.Any owner of a new motor vehicle dealer may appoint by will or any other written instrument that is approved by the manufacturer a designated family member to succeed in the ownership interest of the owner of the new motor vehicle dealer.

B.Unless there is good cause for refusal to honor succession on the part of the manufacturer, any designated family member of a deceased or incapacitated owner of a new motor vehicle dealer may succeed to the ownership interest of the owner of the new motor vehicle dealer under the existing franchise if both of the following apply:

1.The designated family member gives the manufacturer written notice of the family member's intention to succeed to the ownership interest of the owner of the new motor vehicle dealer within ninety days after the owner's

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A. Any owner of a new motor vehicle dealer may appoint by will or any other written instrument that is approved by the manufacturer a designated family member to succeed in the ownership interest of the owner of the new motor vehicle dealer.

B. Unless there is good cause for refusal to honor succession on the part of the manufacturer, any designated family member of a deceased or incapacitated owner of a new motor vehicle dealer may succeed to the ownership interest of the owner of the new motor vehicle dealer under the existing franchise if both of the following apply:

1. The designated family member gives the manufacturer written notice of the family member's intention to succeed to the ownership interest of the owner of the new motor vehicle dealer within ninety days after the owner's death or incapacity.

2. The designated family member agrees to be bound by all terms and conditions of the franchise.

C. The manufacturer may request, and a designated family member shall provide within forty-five days after the manufacturer's request, personal financial and business experience data that are reasonably necessary to determine whether the succession should be honored.

Arizona § 28-4461 (Right of designated family member to succeed in ownership) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.