Iowa Code 322D.5 – Death of a franchisee or majority stockholder
Current as of: 2023 | Check for updates
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Terms Used In Iowa Code 322D.5
- Franchisee: means a person who receives farm implements, motorcycles, autocycles, all-terrain vehicles, snowmobiles, or related parts or attachments from the franchiser under a franchise and who offers and sells the farm implements, motorcycles, autocycles, all-terrain vehicles, snowmobiles, or related parts or attachments to the general public. See Iowa Code 322D.1
- Person: means a sole proprietor, partnership, corporation, or any other form of business organization. See Iowa Code 322D.1
If the franchisee is a natural person, the rights under this chapter may be exercised by the heirs of the franchisee upon the death of the franchisee. If the franchisee is a business organization, the rights may be exercised by the heirs of a majority stockholder of the franchisee upon the death of the majority stockholder.