Nevada Revised Statutes 597.1167 – Death of dealer or majority shareholder of dealer
1. Upon the death of a dealer or the majority shareholder of a corporation which operates as a dealer, the supplier shall, upon the approval or request of the devisee or heir of the dealer or majority shareholder, repurchase the inventory of the dealer in the manner prescribed in NRS 597.1153.
Terms Used In Nevada Revised Statutes 597.1167
- 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.
- person: means a natural person, any form of business or social organization and any other nongovernmental legal entity including, but not limited to, a corporation, partnership, association, trust or unincorporated organization. See Nevada Revised Statutes 0.039
2. The devisee or heir shall, within 1 year after the death of the dealer or majority stockholder, notify the supplier whether the supplier will be required to repurchase the inventory of the dealer.
3. A supplier is not required to repurchase the inventory of the dealer if the devisee or heir and the supplier enter into a new dealer agreement to operate the dealership.
4. This section does not authorize any person, including a devisee or heir, to operate a dealership without the written approval of the supplier.
5. An agreement executed by the supplier and dealer that sets forth the rights relating to succession to the operation of the dealership is enforceable without regard to the person who is designated as the successor to the dealership.
6. As used in this section:
(a) ’Devisee’ has the meaning ascribed to it in NRS 132.100.
(b) ’Heir’ has the meaning ascribed to it in NRS 132.165.