Sec. 42-353. Security interest in inventory. Arbitration. Waiver void. Settlements.
Sec. 42-353. Security interest in inventory. Arbitration. Waiver void. Settlements. (a) Nothing in sections 42-345 to 42-354, inclusive, shall be construed to release
or terminate a perfected security interest of a supplier in the inventory of a dealer.
(b) Nothing in sections 42-345 to 42-354, inclusive, shall be construed to limit the
right of a dealer and a supplier to enter into a dealer agreement providing for the arbitration of disputes arising under such agreement. Any such arbitration shall be consistent
with the provisions of said sections and other applicable law. Any such arbitration shall
be conducted in the city or town in which the dealer maintains the dealer's principal
place of business in this state.
(c) Any provision contained in a dealer agreement or other contract purporting to
waive compliance with any requirement of sections 42-345 to 42-354, inclusive, is void
and unenforceable to the extent of such purported waiver.
(d) Nothing in sections 42-345 to 42-354, inclusive, shall be construed to limit or
prohibit good-faith settlements of disputes voluntarily entered into between the parties
to a dealer agreement.
(P.A. 97-179, S. 9.)