2005 Vermont Code - § 4091. — Payments

§ 4091. Payments

(a) Upon the termination, nonrenewal or cancellation of any franchise, pursuant to this chapter, the new motor vehicle dealer shall be allowed fair and reasonable compensation by the manufacturer for the:

(1) new motor vehicle inventory which has been acquired from the manufacturer;

(2) supplies and parts which have been acquired from the manufacturer;

(3) equipment and furnishings provided the new motor vehicle dealer purchased from the manufacturer or its approved sources; and

(4) special tools.

(b) Such fair and reasonable compensation for the above shall be paid by the manufacturer within 90 days of the effective date of termination, cancellation or nonrenewal, provided the new motor vehicle dealer has clear title to the inventory and other items and is in a position to convey that title to the manufacturer. (Added 1981, No. 157 (Adj. Sess.), § 1, eff. April 14, 1982.)