§ 597.1167 — Death of dealer or majority shareholder of dealer

Nevada § 597.1167

• Jurisdiction: Nevada
• Title 52: TRADE REGULATIONS AND PRACTICES
• Ch. 597: Miscellaneous

Text

1. Upon the death of a dealer or the majority shareholder of a corporation which operates as a dealer, the supplier shall, upon the approval or request of the devisee or heir of the dealer or majority shareholder, repurchase the inventory of the dealer in the manner prescribed in NRS 597.1153 .
2. The devisee or heir shall, within 1 year after the death of the dealer or majority stockholder, notify the supplier whether the supplier will be required to repurchase the inventory of the dealer.
3. A supplier is not required to repurchase the inventory of the dealer if the devisee or heir and the supplier enter into a new dealer agreement to operate the dealership.
4. This section does not authorize any person, including a devisee or heir, to operate a dealership without the written approval of the supplier.
5. An agreement executed by the supplier and dealer that sets forth the rights relating to succession to the operation of the dealership is enforceable without regard to the person who is designated as the successor to the dealership.
6. As used in this section:
(a) “Devisee” has the meaning ascribed to it in NRS 132.100 .
(b) “Heir” has the meaning ascribed to it in NRS 132.165 .

Legislative History

(Added to NRS by 2003, 3403 )