Common use of Voluntary Surrender Clause in Contracts

Voluntary Surrender. The department may permit a motor vehicle dealer up to 30 days to sell motor vehicles in the dealer’s possession at the time the dealer voluntarily surrenders his or her license, provided: (a) The dealer agrees to observe all special conditions imposed by the department. (b) The dealer provides the department a list of all motor vehi- cles in his or her possession, including their vehicle identification numbers, within 7 days of the date when the license is received by the department. (c) The dealer physically possesses the title certificate for each vehicle to be offered for sale. (d) The dealer does not offer, sell, or lease with an option to purchase vehicles to retail buyers and may not buy any vehicles, or accept motor vehicle trade−ins or consignments, during the 30−day period. (e) The 30−day period begins on the date the department receives the license or the list of vehicles in the dealer’s posses- sion, whichever is later.

Voluntary Surrender. The department may permit a motor vehicle dealer up to 30 days to sell motor vehicles in the dealer’s possession at the time the dealer voluntarily surrenders his or her license, provided: (a) The dealer agrees to observe all special conditions imposed by the department. (b) The dealer provides the department a list of all motor vehi- cles vehicles in his or her possession, including their vehicle identification identifi- cation numbers, within 7 days of the date when the license is received by the department. (c) The dealer physically possesses the title certificate for each vehicle to be offered for sale. (d) The dealer does not offer, sell, or lease with an option to purchase vehicles to retail buyers and may not buy any vehicles, or accept motor vehicle trade−ins or consignments, during the 30−day period. (e) The 30−day period begins on the date the department receives the license or the list of vehicles in the dealer’s posses- sion, whichever is later.