(b) In the event that the distributor has timely objected to the designated successor, the personal representative or next-of-kin of the deceased dealer may, within sixty days from receipt by the designated successor of the notice of disapproval, elect to transfer or assign the franchise in accordance with the provisions of subdivision one of this section. Such an election shall be made by giving written notice to the distributor of the election within twenty days after the receipt by the designated successor of the notice of disapproval. Written notice shall be given to the distributor of the intention to transfer or assign the franchise in accordance with the provisions of subdivision one of this section prior to the expiration of such sixty day period. Pending such a transfer or assignment, the distributor may assume full operation of the franchise for its own account, in which event it shall account to the personal representative of the deceased dealer for any inventory, assets and personal property of any kind on the premises at the time the distributor accepts possession of the franchise.

(c) In the event that the deceased dealer has not designated a successor or the designated successor has not elected to assume and operate the franchise, the personal representative or next-of-kin of the deceased dealer may, within one hundred twenty days after the dealer's death, elect to transfer the franchise in accordance with the provisions of subdivision one of this section. Such an election shall be made by giving written notice to the distributor of such an election within twenty days after the dealer's death. Written notice shall be given to the distributor of the intention to transfer or assign the franchise in accordance with the provisions of subdivision one of this section prior to the expiration of such one hundred twenty day period. Within twenty days after the dealer's death, the personal representative or next-of-kin shall also give written notice to the distributor concerning what arrangements have been made for the operation of the franchise pending the transfer or assignment. Pending such a transfer or assignment, the distributor may elect to assume full operation of the franchise for its own account, in which event it shall account to the personal representative of the deceased dealer for any inventory, assets and personal property of any kind on the premises at the time the distributor accepts possession of the franchise.

(d) No franchise by succession or assignment pursuant to this section shall be valid unless and until the designated successor or assignee agrees in writing to comply with all of the requirements of the franchise and any other lease or agreement in connection therewith then in effect. 3. This section shall not apply to any franchise until the dealer has operated the service station pursuant to a franchise agreement with the distributor for a continuous three year period, which period shall include the term of any franchise in effect prior to or on the effective date of this section and the term of any franchise transferred to a designated successor pursuant to paragraph (a) of subdivision two hereof. 4. Notice of transfer or assignment and notice of objections stating the reasons therefor may be transmitted by any method of personal service established under article three of the civil practice law and rules, or by mailing same by certified or registered mail to the party to be notified at their actual place of business. Notice by mailing shall be deemed made when deposited in a post office or official depository of the United States postal service. 5. Upon receipt of the written notice of objection with reasons therefor, as provided in subdivisions one and two of this section, a dealer, designated successor or the personal representative or next-of-kin of the deceased dealer may bring an action against a distributor in any court of competent jurisdiction for wrongfully impeding the transfer or assignment of a franchise, provided that any such action must be commenced within one year following receipt of such notice of objection. The court, upon finding that the stated reasons for objection are arbitrary, capricious or unreasonable, may award money damages and grant such equitable relief as it deems proper. 6. In the event that any of the time periods referred to herein are not met by a dealer, assignee, designated successor, personal representative or next-of-kin, the franchise shall terminate.