Connecticut § 42-133y Succession to ownership interest in dealership by family member upon owner's death or incapacity.

Connecticut Statutes

§ 42-133y — Succession to ownership interest in dealership by family member upon owner's death or incapacity.

Connecticut·Title 42 Business, Selling, Trading and Collection Practices·Ch. 739 Trading Stamps, Mail Orders, Franchises, Credit Programs and Subscriptions

(a)Any owner may appoint by will, or other written instrument, a designated family member to succeed in the ownership interest of the owner in the dealer.

(b)Unless good cause exists for refusal to honor the succession on the part of the manufacturer or distributor, any designated family member of a deceased or incapacitated owner of a dealer may succeed to the ownership of the dealer under the existing franchise if:

(1)The designated family member gives the manufacturer or distributor written notice of his or her intention to succeed to the ownership of the dealer within sixty days of the owner's death or incapacity, and (2) the designated family member agrees to be bound by all the terms and conditions of the franchise.

(c)The manufacturer or distributor may request, and the designat

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(a) Any owner may appoint by will, or other written instrument, a designated family member to succeed in the ownership interest of the owner in the dealer. (b) Unless good cause exists for refusal to honor the succession on the part of the manufacturer or distributor, any designated family member of a deceased or incapacitated owner of a dealer may succeed to the ownership of the dealer under the existing franchise if: (1) The designated family member gives the manufacturer or distributor written notice of his or her intention to succeed to the ownership of the dealer within sixty days of the owner's death or incapacity, and (2) the designated family member agrees to be bound by all the terms and conditions of the franchise. (c) The manufacturer or distributor may request, and the designated family member shall provide, promptly upon such request, personal and financial data reasonably necessary to determine whether the succession should be honored.

Connecticut § 42-133y (Succession to ownership interest in dealership by family member upon owner's death or incapacity.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.