75-77-15 - Security interests in inventory unaffected; repurchases not subject to bulk sales law; inspection of parts packed for shipment.
§ 75-77-15. Security interests in inventory unaffected; repurchases not subject to bulk sales law; inspection of parts packed for shipment.
The provisions of this chapter shall not be construed to affect in any way any security interest which the supplier may have in the inventory of the retailer, and any repurchase hereunder shall not be subject to the provisions of the bulk sales law. The retailer and supplier shall furnish representatives to inspect all parts and certify their acceptability when packed for shipment. Failure of the supplier to provide a representative within sixty (60) days shall result in automatic acceptance by the supplier of all returned items.
Sources: Laws, 1977, ch. 419, § 8; Laws, 1997, ch. 318, § 10, eff from and after July 1, 1997.