§481G-5 Notice of termination, cancellation, or nonrenewal. A distributor shall not terminate, cancel, or refuse to renew a dealership with a dealer without first giving written notice by certified mail at least ninety days in advance of the effective date of such action as set forth in the notice. Notwithstanding any provision to the contrary contained in this section, a distributor may terminate, cancel, or refuse to renew a dealership with a dealer effective five days after the posting of written notice by certified mail to the dealer at the dealer's last known address, if such action is based on any of the following reasons:
(1) Voluntary abandonment of the dealership relationship by the dealer;
(2) Conviction of the dealer of a crime involving the business conducted pursuant to the dealership; or
(3) Adjudication of bankruptcy of the dealer, or the dealer becoming insolvent in the sense that the dealer cannot meet financial obligations when due. [L 1983, c 285, pt of §1]