75-77-3 - Supplier shall repurchase inventory maintained by retailer upon termination of contract.
§ 75-77-3. Supplier shall repurchase inventory maintained by retailer upon termination of contract.
Whenever any retailer enters into an agreement, evidenced by a written or oral contract, with a supplier wherein the retailer agrees to maintain an inventory of parts and to provide service and the contract is terminated, then the supplier shall repurchase the inventory as provided in this chapter. The retailer may keep the inventory if he desires. If the retailer has any outstanding debts to the supplier, then the repurchase amount may be setoff or credited to the retailer's account.
Sources: Laws, 1977, ch. 419, § 2; Laws, 1997, ch. 318, § 3, eff from and after July 1, 1997.