35-8A-8. Brewery may assume wholesaler's business--Time limitation--Brewer as limited partner with wholesaler. If the brewery assumes ownership of the wholesaler's business upon payment of full value to the wholesaler or upon repossession under a loan from the brewer to the wholesaler, the brewery may operate the wholesalership for only a reasonable period of time thereafter, not to exceed two years. Otherwise, no manufacturer or brewer, or party directly interested in either of them, may be granted a wholesale license. Nothing in this chapter may be construed to prohibit an interest by a brewer in a wholesaler's business as a limited partner as defined by chapter 48-7, or to the extent of any amount loaned by the brewer to the wholesaler in acquiring the wholesaler's business. Such arrangement may exist for no longer than ten years. If the general partner defaults in the agreement with the limited partner, and the latter acquires title to the general partner's interest, the limited partner shall divest itself of the general partner's interest within two years.
Source: SL 1990, ch 300, § 8; SL 1995, ch 208, § 2.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.