16-4-431. Death or incapacity of licensee or owner of license -- rulemaking. (1) The appointed conservator, guardian, personal representative, executor, or administrator shall notify the department within 90 days of appointment in the event of the death or the judicial determination of incapacity of a licensee or owner of the licensee if the licensee is an entity. In any event, the department must be notified within 180 days of the death or the judicial determination of incapacity of the licensee or owner of the licensee.

(2) The department may give the appointed conservator, guardian, personal representative, executor, or administrator or a trustee, or a designee of the appointed conservator, guardian, personal representative, executor, or administrator or a trustee, written approval to continue operation of the licensed business for the duration of the existing license and to renew the license when it expires. The appointed conservator, guardian, personal representative, executor, or administrator or a trustee, or a designee, must qualify for ownership of a license as provided in 16-4-401. If the department does not grant written approval to continue operation of the licensed business or the appointed conservator, guardian, personal representative, executor, or administrator or a trustee, or a designee, does not qualify for ownership of a license as provided in 16-4-401, the license must be placed on nonuse status.

(3) Within 60 days of the closing of a decedent's estate or the judicial determination of restored capacity of a previously incapacitated licensee or owner of a license and removal of a conservator or guardian, the department must be provided with a copy of a court order or other documentation resolving the matter and, if a transfer is warranted, the true party of interest shall apply to transfer the license.

(4) The department may adopt rules to implement this section.