Utah Code 13-12-5. Death of dealer or lessee — Distributor to cooperate with heirs — Offer to purchase — Reasonable access to premises
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Terms Used In Utah Code 13-12-5
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
Upon the death of a dealer or lessee who operates under a marketing agreement, the distributor shall cooperate with the heirs or successors. Such cooperation shall include, but not be limited to, an offer to repurchase salable merchandise and equipment owned by the dealer at the fair market value not to exceed original invoice price and to permit the heirs or successors reasonable access to the premises for a reasonable period of time.
Enacted by Chapter 6, 1975 Special Session 1
Enacted by Chapter 6, 1975 Special Session 1