Vermont § 707 - Sale or transfer; purchase by manufacturer

§ 707. Sale or transfer; purchase by manufacturer

• (a) A wholesale dealer wishing to sell or otherwise transfer its interests in a franchise
  shall give at least 90 days’ written notice to the certificate of approval holder
  or manufacturer, prior to the sale or transfer. The notice of intended sale or transfer
  shall give the full name and address of the proposed transferee, along with full details
  outlining the qualifications of the proposed transferee that, in the opinion of the
  wholesale dealer, make the proposed transferee competent to operate the franchise. (b) In the event the certificate of approval holder or manufacturer wishes to resist the
  proposed sale or transfer to the proposed transferee, the certificate of approval
  holder or manufacturer shall petition the Superior Court for a hearing not later than
  60 days prior to the date of the proposed sale or transfer. The petition shall clearly
  state the certificate of approval holder’s or manufacturer’s reasons for resisting
  the proposed sale or transfer. (c) Upon receipt of a petition brought resisting a sale or transfer, the Superior Court
  shall hold a hearing on the proposed transfer or sale. The court shall make a full
  inquiry into the qualifications of the proposed transferee and shall determine whether
  or not the proposed transferee is in a position to substantially continue the operations
  of the franchise, to assume the obligations of the franchise holder, and to conduct
  the business in a manner that will protect the legitimate interests of the certificate
  of approval holder or manufacturer. (d) If the Superior Court finds the proposed transferee to be qualified to operate the
  franchise, it shall approve the transfer of the franchise to the proposed transferee. (e) The provisions of subsections (b) through (d) of this section shall not apply to the
  sale or transfer of a franchise to the spouse, child, grandchild, sibling, parent,
  foster child, child-in-law, sibling-in-law, niece, or nephew of the owner of the wholesale
  dealer. (Added 1975, No. 199 (Adj. Sess.); amended 1983, No. 197 (Adj. Sess.), § 6; 2017, No. 83, § 127; 2017, No. 145 (Adj. Sess.), § 4, eff. Jan. 1, 2019; 2021, No. 105 (Adj. Sess.), § 152, eff. July 1, 2022.)