Iowa Code 322F.5 – Death or incapacity of dealer
Current as of: 2023 | Check for updates
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Terms Used In Iowa Code 322F.5
- Administrator: means the department's administrator for rail and water, or the administrator's designee. See Iowa Code 327F.39
- dealership: means a person engaged in the retail sale of equipment. See Iowa Code 322F.1
- Dealership agreement: means an oral or written agreement, either express or implied, between a supplier and a dealer which provides that the dealer is granted the right to sell, distribute, or service the supplier's equipment, regardless of whether the equipment carries a trade name, trademark, service mark, logotype, advertisement, or other commercial symbol, and which provides evidence of a continuing commercial relationship between the supplier and the dealer. See Iowa Code 322F.1
- Equipment: means agricultural equipment, construction equipment, industrial equipment, utility equipment, or outdoor power equipment. See Iowa Code 322F.1
- executor: includes administrator, and the term "administrator" includes executor, where the subject matter justifies such use. See Iowa Code 4.1
- Executor: A male person named in a will to carry out the decedent
- Intestate: Dying without leaving a will.
- Legatee: A beneficiary of a decedent
- Operate: means to ride in or on, other than as a passenger, use, or control the operation of an all-terrain vehicle in any manner, whether or not the all-terrain vehicle is moving. See Iowa Code 321I.1
- Person: includes any individual, firm, corporation, partnership, joint adventure, or association, and the plural as well as the singular number. See Iowa Code 321H.2
- Supplier: means the manufacturer, wholesaler, or distributor of equipment sold by a dealer. See Iowa Code 322F.1
If a dealer or a person holding a majority interest in a business entity operating a dealership dies or is incapacitated, the rights under this chapter may be exercised as an option by the heirs at law if the dealer or majority interest holder died intestate, or by the executor under the terms of the dealer’s or majority interest holder’s will. If the heirs or the executor do not exercise this option within twelve months from the date of death of the dealer or majority interest holder, the supplier must repurchase the equipment as if the supplier had terminated the dealership agreement pursuant to section 322F.3. However, this section does not entitle an heir, executor, administrator, legatee, or devisee of a deceased dealer or majority interest holder to continue to operate the dealership without the consent of the supplier.