2005 North Carolina Code - General Statutes § 18B-1213. Obligations of purchaser.

§ 18B‑1213.  Obligations of purchaser.

The purchaser of a winery is obligated to all the terms and conditions of an agreement in effect on the date of the purchase, except for good cause, which includes,

(1)       Revocation of the wholesaler's permit or license to do business in this State,

(2)       Bankruptcy or insolvency of the wholesaler,

(3)       Assignment for the benefit of creditors or similar disposition of the assets of the wholesaler, or

(4)       Failure by the wholesaler to comply substantially, without reasonable excuse or justification, with any reasonable and material requirement imposed upon him by the winery.

As used in this Article, "purchase" includes the sale of stock, sale of assets, merger, lease, transfer, or consolidation. (1983, c. 85, s. 2.)