Arizona Laws 44-6707. Death of equipment dealer; definition
A. If an equipment dealer dies or becomes incapacitated, the supplier shall repurchase the inventory from the estate pursuant to the inventory repurchase provisions of section 44-6705 as if the supplier had terminated the dealer agreement. The guardian, the executor or, if the dealer died intestate, the heirs have six months from the date of the dealer’s incapacity or death to submit inventory for repurchase.
Terms Used In Arizona Laws 44-6707
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- dealer: means any person, partnership, corporation, association or other form of business enterprise that is primarily engaged in the retail sale of equipment. See Arizona Laws 44-6701
- Dealer agreement: means an oral or written contract or agreement of definite or indefinite duration between a supplier and an equipment dealer that prescribes the rights and obligations of each party with respect to the purchase or sale of equipment. See Arizona Laws 44-6701
- Equipment: means machines designed for or adapted and used for agriculture, livestock, grazing, light industrial and utility purposes. See Arizona Laws 44-6701
- Executor: A male person named in a will to carry out the decedent
- Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
- Intestate: Dying without leaving a will.
- Supplier: means any person, partnership, corporation, association or other business enterprise that is engaged in the manufacturing, assembly or wholesale distribution of equipment or repair parts, or both, and includes any successor in interest, including a purchaser of assets or stock, or a surviving corporation that results from a merger, liquidation or reorganization of the original supplier. See Arizona Laws 44-6701
B. This section does not require a supplier to repurchase inventory if the supplier and a dealer’s family member have entered into a new dealer agreement.
C. This section does not entitle a guardian, heir or personal representative of an incapacitated or deceased dealer to operate a dealership for more than six months after the dealer’s incapacity or death.
D. This section is supplemental to an agreement between the dealer and the supplier that covers the return of equipment, attachments and repair parts.
E. This section does not limit the right of a supplier to charge back to the dealer’s account amounts previously paid or credited as a discount pertaining to the equipment dealer’s purchase of inventory.
F. For the purposes of this section, "dealer" means an owner, an equal or majority partner or the majority stockholder of a corporation who operates as an equipment dealer.