13-58-402. Termination without time to cure.
A manufacturer or distributor may terminate an agreement with a motorboat dealer upon written notice and without a cure period described in Section, if:
(1) the motorboat dealer: financially defaults to the manufacturer, the distributor, or a financing source; becomes subject to an order for relief, as defined in 11 U.S.C. Sec. 102; files a voluntary petition in bankruptcy; has had an involuntary petition in bankruptcy filed against the motorboat dealer; engages in an act of material fraud in relation to the performance of a right or obligation under the agreement; is a corporation that ceases to exist; becomes insolvent; takes or fails to take an action that constitutes an admission of inability to pay debts as the debts mature; makes a general assignment for the benefit of creditors to an agent authorized to liquidate any substantial amount of assets; applies to a court for the appointment of a receiver for any assets or properties; fails to substantially comply with a federal, state, or local law, rule, regulation, ordinance, or order applicable to the agreement; receives three valid notices of a default under Sectionfor the same default within a 12-month period, regardless of whether the dealer cures the default; 13-58-302 transfers an interest in the dealership without the manufacturer's written consent; has pleaded guilty to or has been convicted of a felony, or of any misdemeanor relating to the relationship between the motorboat dealer and manufacturer; or one of the owners of the motorboat dealer is convicted or enters a plea of nolo contendere to a felony; or makes a material misrepresentation;
(2) there is a closeout or sale of a substantial part of the dealer's assets related to the motorboat dealership;
(3) there is a commencement or dissolution or liquidation of the motorboat dealership;
(4) there is a change without the prior written approval of the manufacturer in the location of the motorboat dealer's principal place of business under the dealership agreement; or
(5) the motorboat dealer's license is suspended, revoked, or is not renewed.