{"data":{"id":"us-ky/krs-365.830","jurisdiction":"us-ky","citation":"KRS 365.830","heading":"Repurchase of inventory upon death of retailer or majority owner --","body":"Option of heirs -- Previous agreements of succession rights.\n(1) In the event of the death of a retailer or the majority owner of the equity interests of\nthe entity operating as a ret ailer, the supplier shall, at the option of the heirs of the\nretailer or the majority owner, repurchase the inventory from the heirs as if the\nsupplier had terminated the retail agreement contract. The heirs shall have one (1)\nyear from the date of the dea th of the retailer or majority owner to exercise their\noption regarding the repurchase. No repurchase of any inventory shall be required if\nthe heirs and the supplier enter into a new retail agreement contract to operate the\nretail dealership. As used in t his section, \"heir\" means a spouse, child, son -in-law,\ndaughter-in-law, or lineal descendant of the retailer or majority owner of the\ndealership.\n(2) A supplier shall have ninety (90) days in which to consider and make a\ndetermination on a request by an heir to enter into a new retail agreement contract to\noperate the retail dealership. In the event the supplier determines that the request is\nnot acceptable, the supplier shall provide the heir with a written notice of its\ndetermination with the stated reaso ns for nonacceptance. This section does not\nentitle an heir to operate a dealership without the specific written consent of the\nsupplier.\n(3) If a supplier and a retailer or majority owner of the equity interests of the entity\noperating as a retailer have previously executed an agreement concerning\nsuccession rights prior to the retailer's or majority owner's death, and if the\nagreement had not been revoked, the agreement shall be observed even if it\ndesignates someone other than the surviving heirs of the decedent as the successor.","path":["KRS Chapter 365"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=34855","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:59:02Z","sha256":"76db4643cffd94e6ed521af73bc643a7b16c99c8b300ac60eb48ead2d8cce0c3","source_id":"us-ky","stale":false,"prev":"us-ky/krs-365.825","next":"us-ky/krs-365.831"},"notice":"GroundRules: Original legal text. Not legal advice."}