Death of retailer or majority stockholder
When a store owner (retailer) or the main owner of a company that runs a store dies, the people who inherit the business can ask the supplier to buy back the store's unsold inventory. The supplier has to do this the same way they would if they had ended the contract themselves. The family members have one year after the death to make this request. If the family and the supplier agree to a new contract to keep running the store, the supplier does not have to buy back the inventory.
407.880. Death of or — option of or for of , time limitation, . — In the event of the death of the retailer or the spouse of a surviving retailer if the retailer is operating as a or the majority stockholder of a operating as a retailer, the , or shall, at the option of the surviving spouse or the heir or , repurchase the inventory from the surviving spouse or the heir or heirs of the retailer or majority stockholder as if the wholesaler, manufacturer or distributor had terminated the contract. The surviving spouse or the heir or heirs shall have one year from the date of the death of the retailer or majority stockholder to exercise their options under sections 407.850 to 407.885. Nothing in sections 407.850 to 407.885 shall require the repurchase of any inventory if the surviving spouse or the heir or heirs and wholesaler, manufacturer or distributor enter into a new contract to operate the .
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Source & history notes
(L. 1982 H.B. 958 § 7)
Legal information, not legal advice. Always confirm with the official source at revisor.mo.gov.