Effective 28 Aug 2009
311.265. Retailer going out of business in debt to wholesaler, procedure — new license prohibited. — When a retailer licensed under this chapter is delinquent beyond the permissible ordinary commercial credit period, the wholesaler shall notify the supervisor of liquor control in writing of the debt and no new or renewal license shall be issued to the retailer until the reported debt is satisfied. The wholesaler shall immediately notify the supervisor of liquor control in writing when the debt is satisfied. As used in this section, the term "retailer" shall include an individual, corporation, partnership or limited liability company, all officers and directors of such person or entity and all stockholders owning, legally or beneficially, directly or indirectly, ten percent or more of the stock of such person or entity.
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(L. 1985 H.B. 166, A.L. 1995 S.B. 43, A.L. 2009 H.B. 132)
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