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ROBERT L. EHRLICH, JR., Governor Ch. 433
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(2)] (III) The dealer and the supplier may each furnish a representative
to inspect all [inventory] PARTS and certify the acceptability of any [item before it is
repurchased] PART WHEN PACKED FOR SHIPMENT.
[(d)] (C) (1) The supplier shall pay the full repurchase amount to the dealer
not later than [60] 30 days after receipt of the inventory.
(2) IF THE DEALER HAS ANY OUTSTANDING DEBTS TO THE SUPPLIER,
THE REPURCHASE AMOUNT SHALL BE CREDITED TO THE DEALER'S ACCOUNT.
(D) (1) ON PAYMENT OF THE REPURCHASE AMOUNT TO THE DEALER, THE
TITLE AND RIGHT OF POSSESSION TO THE REPURCHASED INVENTORY SHALL
TRANSFER TO THE SUPPLIER
(2) AT THE END OF EACH CALENDAR YEAR OR AFTER TERMINATION OR
CANCELLATION OF THE CONTRACT, A SUPPLIER OR LENDER MAY NOT DEBIT THE
DEALER'S RESERVE ACCOUNT FOR RECOURSE, RETAIL SALE, OR LEASE CONTRACTS
FOR ANY DEFICIENCY UNLESS THE DEALER OR THE HEIRS OF THE DEALER HAVE
BEEN GIVEN AT LEAST 7 BUSINESS DAYS' NOTICE BY CERTIFIED OR REGISTERED
UNITED STATES MAIL, RETURN RECEIPT REQUESTED, OF ANY PROPOSED SALE OF
THE FINANCED EQUIPMENT AND AN OPPORTUNITY TO PURCHASE THE EQUIPMENT.
(3) THE FORMER DEALER OR THE HEIRS OF THE DEALER SHALL BE
GIVEN QUARTERLY STATUS REPORTS ON ANY REMAINING OUTSTANDING RECOURSE
CONTRACTS.
(4) AS THE RECOURSE CONTRACTS ARE REDUCED, ANY RESERVE
ACCOUNT FUNDS SHALL BE RETURNED TO THE DEALER OR THE HEIRS OF THE
DEALER IN DIRECT PROPORTION TO THE OUTSTANDING LIABILITIES.
(E) (1) IN THE EVENT OF THE DEATH OF THE DEALER OR THE MAJORITY
STOCKHOLDER OF A CORPORATION OPERATING AS A DEALER, THE SUPPLIER SHALL,
AT THE OPTION OF THE HEIR OF THE DEALER OR MAJORITY STOCKHOLDER,
REPURCHASE THE INVENTORY FROM THE HEIR OF THE DEALER OR MAJORITY
STOCKHOLDER AS IF THE SUPPLIER HAD TERMINATED THE CONTRACT.
(2) WITHIN 1 YEAR AFTER THE DATE OF THE DEATH OF THE DEALER OR
MAJORITY STOCKHOLDER, THE HEIR SHALL EXERCISE THE HEIR'S OPTIONS UNDER
THIS SECTION.
(3) NOTHING IN THIS SECTION SHALL REQUIRE THE REPURCHASE OF
ANY INVENTORY IF THE HEIR AND THE SUPPLIER ENTER INTO A NEW CONTRACT TO
OPERATE THE RETAIL DEALERSHIP.
(F) (1) WITHIN 90 DAYS A SUPPLIER SHALL CONSIDER AND MAKE A
DETERMINATION ON A REQUEST BY A FAMILY MEMBER TO ENTER INTO A NEW
CONTRACT TO OPERATE THE DEALERSHIP.
(2) IF THE SUPPLIER DETERMINES THAT THE REQUESTING FAMILY
MEMBER IS NOT ACCEPTABLE, THE SUPPLIER SHALL PROVIDE THE FAMILY MEMBER
WITH A WRITTEN NOTICE OF ITS DETERMINATION WITH THE STATED REASONS FOR
NONACCEPTANCE.
- 2007 -
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