Vermont § 4073 - Supplier’s duty to repurchase inventory

§ 4073. Supplier’s duty to repurchase inventory

• (a) Whenever a dealer enters into a dealer agreement under which the dealer agrees to
  maintain an inventory, and the agreement is terminated by either party as provided
  in this chapter, the supplier, upon written request of the dealer filed within 30
  days of the effective date of the termination, shall repurchase the dealer’s inventory
  as provided in this chapter. There shall be no requirement for the supplier to repurchase
  inventory pursuant to this section if: (1) the dealer has made an intentional and material misrepresentation as to the dealer’s
  financial status; (2) the dealer has defaulted under a chattel mortgage or other security agreement between
  the dealer and supplier; or (3) the dealer has filed a voluntary petition in bankruptcy. (b) Whenever a dealer enters into a dealer 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 180 days from the date of the death of the dealer or majority
  stockholder to exercise the option under this chapter. (Added 1993, No. 113 (Adj. Sess.), § 1, eff. March 4, 1994.)