10 §1289. Repurchase terms
Title 10: COMMERCE AND TRADE
Part 3: REGULATION OF TRADE
Chapter 208-B: FARM MACHINERY DEALERSHIPS HEADING: PL 1995, C. 462, PT. A, §22 (NEW)
§1289. Repurchase terms
1. Examination of records. Within 90 days from receipt of the written request of the dealer, a supplier under the duty to repurchase inventory pursuant to section 1288 may examine any books or records of the dealer to verify the eligibility of any item for repurchase. Except as otherwise provided in this chapter, the supplier shall repurchase from the dealer all inventory previously purchased from the supplier in the possession of the dealer on the date of termination of the dealer agreement.
[ 1995, c. 462, Pt. A, §22 (NEW); 1995, c. 462, Pt. A, §23 (AFF) .]
2. Payment terms. The supplier shall pay the dealer:
A. One hundred percent of the net cost of all new and undamaged and complete farm, utility and industrial equipment, implements, machinery, yard and garden equipment and attachments, less a reasonable allowance for deterioration attributable to weather conditions at the dealer's location; [1995, c. 462, Pt. A, §22 (NEW); 1995, c. 462, Pt. A, §23 (AFF).]
B. Ninety percent of the current net prices of all new and undamaged repair parts; and [1995, c. 462, Pt. A, §22 (NEW); 1995, c. 462, Pt. A, §23 (AFF).]
C. Eighty-five percent of the current net prices of all new and undamaged superseded repair parts. [1995, c. 462, Pt. A, §22 (NEW); 1995, c. 462, Pt. A, §23 (AFF).]
[ 1995, c. 462, Pt. A, §22 (NEW); 1995, c. 462, Pt. A, §23 (AFF) .]
3. Return costs. The party that initiates the termination of the dealer agreement shall pay the cost of the return, handling, packing and loading of the inventory.
[ 1995, c. 462, Pt. A, §22 (NEW); 1995, c. 462, Pt. A, §23 (AFF) .]
4. Payment date. Payment to the dealer required under this section must be made by the supplier not later than 60 days after receipt of the inventory by the supplier. The supplier is entitled to apply any payment required under this section to be made to the dealer, as a setoff against any amount owed by the dealer to the supplier.
[ 1995, c. 462, Pt. A, §22 (NEW); 1995, c. 462, Pt. A, §23 (AFF) .]
SECTION HISTORY
1995, c. 462, §A22 (NEW). 1995, c. 462, §A23 (AFF).