Virginia Code 59.1-21.13: Obligation of refiner to repurchase upon termination, etc., of agreement
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In the event of any termination, cancellation, or failure to renew whether by mutual agreement or otherwise, a refiner shall make or cause to be made a good faith offer to repurchase from the dealer, his heirs, successors, and assigns, at the current wholesale prices any and all merchantable products purchased by such dealer from the refiner; provided, that in such event the refiner shall have the right to apply the proceeds against any existing indebtedness owed to him by the dealer; and provided further, that such repurchase obligation is conditioned upon there being no other claims or liens against such products by or on behalf of other creditors of the dealer.
Terms Used In Virginia Code 59.1-21.13
- Dealer: means any person who purchases motor fuel for sale to the general public for ultimate consumption. See Virginia Code 59.1-21.10
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Refiner: means any person engaged in the refining of crude oil to produce motor fuel and includes any affiliate of such person. See Virginia Code 59.1-21.10
1973, c. 423; 1979, c. 306; 1990, c. 907.