In the event of any termination, cancellation, or failure to renew whether by mutual agreement or otherwise, a refiner shall make or cause to be made a good faith offer to repurchase from the dealer, his heirs, successors, and assigns, at the current wholesale prices any and all merchantable products purchased by such dealer from the refiner; provided, that in such event the refiner shall have the right to apply the proceeds against any existing indebtedness owed to him by the dealer; and provided further, that such repurchase obligation is conditioned upon there being no other claims or liens against such products by or on behalf of other creditors of the dealer.
1973, c. 423; 1979, c. 306; 1990, c. 907.
Structure Code of Virginia
Title 59.1 - Trade and Commerce
Chapter 2.2 - Virginia Petroleum Products Franchise Act
§ 59.1-21.9. Findings of General Assembly
§ 59.1-21.11. Required provisions pertaining to agreements between refiners and dealers
§ 59.1-21.11:1. Waiver of constitutional rights prohibited
§ 59.1-21.12. Civil action for violation of chapter
§ 59.1-21.13. Obligation of refiner to repurchase upon termination, etc., of agreement
§ 59.1-21.15. Disclosures to be made by refiner before conclusion of agreement
§ 59.1-21.15:1. Continued rights of dealers upon sale or assignment of franchise agreement
§ 59.1-21.15:2. Franchisor's obligation to offer leased marketing premises to occupying dealer
§ 59.1-21.16. Authority of Attorney General under § 59.1-68.2 not limited