                                 CODE OF VIRGINIA

SUPPLIER&#8217;S DUTY TO REPURCHASE (§ 59.1-352.4)

A. Whenever a dealer enters into an agreement evidenced by a written or oral
contract in which the dealer agrees to maintain an inventory, and the agreement
is terminated by either party, the supplier shall repurchase the dealer&#8217;s
inventory as provided in this chapter unless the dealer chooses to keep the
inventory. If the dealer has any outstanding debts to the supplier, then the
repurchase amount may be set off or credited to the retailer&#8217;s account.

B. Whenever a dealer enters into an agreement in which the dealer agrees to
maintain an inventory, and the dealer, or the majority stockholder of the dealer
if the dealer is a corporation, dies or becomes incompetent, the supplier shall,
at the option of the heir, personal representative, or guardian of the dealer,
or the person who succeeds to the stock of the majority stockholder, repurchase
the inventory as if the agreement had been terminated. The heir, personal
representative, guardian, or succeeding stockholder has one year from the date
of the death of the dealer or majority stockholder to exercise the option under
this chapter.

HISTORY: 2002, c. 898.