                                 CODE OF VIRGINIA

OBLIGATION OF REFINER TO REPURCHASE UPON TERMINATION, ETC., OF AGREEMENT (§
59.1-21.13)

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.

HISTORY: 1973, c. 423; 1979, c. 306; 1990, c. 907.