(a) Notwithstanding another law or rule to the contrary, a manufacturer licensed under § 57-3-202, a winery licensed under § 57-3-207, or a non-resident seller or a non-manufacturer, non-resident seller licensed under § 57-3-605, including, but not limited to, a person with a direct or indirect interest in any of the foregoing, may have a direct or indirect interest in an establishment licensed pursuant to this part; provided, that the person's interest under chapter 3 of this title or the person's interest under this part is held in an irrevocable trust by an independent trustee.
(b) A person whose interest in a brand or business is held in an irrevocable trust by an independent trustee shall not participate in the management or operation of the brand or business for which the interest was placed in the irrevocable trust.
(c) (1) A person whose interest is held in an irrevocable trust by an independent trustee may enter into a licensing agreement through the trust for the use of the person's name, image, or likeness, and such person may participate in advertising or promotional activities for the brand or business held in the trust through the use of the person's individual name, image, or likeness, including, but not limited to, personal appearances, active promotion, and new content capture if the advertising or promotional activities are limited to the promotion of the brand or licensed retail establishment and such advertising or promotional activities do not constitute a violation of existing federal law.(2) Any such licensing agreement may provide for compensation payable to the trust that is based on one (1) or more of the following:(A) A fixed fee; or(B) A percentage of sales or profits that does not exceed ten percent (10%).(3) Any licensing agreement or related document provided to the commission pursuant to this subsection (c) constitutes proprietary information pursuant to § 10-7-504(a)(24).
(1) A person whose interest is held in an irrevocable trust by an independent trustee may enter into a licensing agreement through the trust for the use of the person's name, image, or likeness, and such person may participate in advertising or promotional activities for the brand or business held in the trust through the use of the person's individual name, image, or likeness, including, but not limited to, personal appearances, active promotion, and new content capture if the advertising or promotional activities are limited to the promotion of the brand or licensed retail establishment and such advertising or promotional activities do not constitute a violation of existing federal law.
(2) Any such licensing agreement may provide for compensation payable to the trust that is based on one (1) or more of the following:(A) A fixed fee; or(B) A percentage of sales or profits that does not exceed ten percent (10%).
(A) A fixed fee; or
(B) A percentage of sales or profits that does not exceed ten percent (10%).
(3) Any licensing agreement or related document provided to the commission pursuant to this subsection (c) constitutes proprietary information pursuant to § 10-7-504(a)(24).
(d) The limitation on personal liability of beneficiaries in § 35-15-1015 applies to beneficiaries of a trust formed under this section and the trustee is afforded all limitation of liability granted a trustee under § 35-15-1010. The limitation on personal liability of beneficiaries applies to licensing agreements placed into a trust pursuant to this section, as though the licensing agreement was made by the trustee or the tort was committed by the trustee in the course of administration of the trust.