2016 Iowa Code
Title VIII - TRANSPORTATION
Chapter 322A - MOTOR VEHICLE FRANCHISERS
Section 322A.12 - Sale or transfer of ownership.
322A.12
Sale or transfer of ownership.
1. Notwithstanding the terms, provisions, or conditions of an agreement or franchise, subject to the provisions of section 322A.11, subsection 2, in the event of the sale or transfer of ownership of a franchisee’s dealership by sale or transfer of the business or by stock transfer or in the event of a change in the executive management of a franchisee’s dealership, the franchiser shall give effect to the change in the franchise unless the transfer of the franchisee’s license under chapter 322 is denied or the new owner is unable to obtain a license under that chapter.
2. Notwithstanding the terms, provisions, or conditions of an agreement or franchise, the sale or transfer, or the proposed sale or transfer, of a franchisee’s dealership, or the change or proposed change in the executive management of a franchisee’s dealership shall not make applicable any right of first refusal of the franchiser.
[C71, 73, 75, 77, 79, 81, §322A.12]
2002 Acts, ch 1063, §39
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