Oregon Statutes 646A.306 – Repurchase of inventory by supplier; effect of new retailer agreement
(1) A supplier shall repurchase the inventory of a retailer, as if the supplier had terminated the retailer agreement, as follows:
Terms Used In Oregon Statutes 646A.306
- 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.
- Tenancy by the entirety: A type of joint tenancy between husband and wife that is recognized in some States. Neither party can sever the joint tenancy relationship; when a spouse dies, the survivor acquires full title to the property.
(a) Upon the death of a retailer whose business is owned as a tenancy by the entirety, at the option of the spouse or the heir or heirs of the retailer.
(b) Upon the death of a stockholder of a corporation operating as a retailer, at the option of the heir or heirs of the stockholder and upon the consent of the board of directors.
(2) The surviving spouse or the heir or heirs may exercise the option under this section not later than one year from the date of the death of the retailer or the stockholder.
(3) Nothing in ORS § 646A.300 to 646A.322 requires the repurchase of inventory by the supplier:
(a) If the supplier and the corporation acting as a retailer enter into a new retailer agreement to operate the retail dealership.
(b) If the supplier and the surviving spouse or the heir or heirs of the retailer enter into a new retailer agreement to operate the retail dealership. [Formerly 646.435]