Louisiana Revised Statutes 51:488 – Repurchase from heirs upon death of dealer
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Terms Used In Louisiana Revised Statutes 51:488
- Contract: A legal written agreement that becomes binding when signed.
- 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.
Upon the death of the dealer, or the majority stockholder in a corporation operating a retail dealership under a contract as provided in La. Rev. Stat. 51:481, the heir or heirs of the dealer or stockholder shall have one year to exercise the options provided by this Part to the dealer, upon the same terms and conditions applicable to the dealer.
Acts 1991, No. 627, §1.