16-1005. Same; death of retailer or majority stockholder of corporation retailing farm equipment or repair parts.
16-1005
16-1005. Same; death of retailer or majority stockholder of corporation
retailing farm equipment or repair parts.
In the event of the death of the retail dealer or majority stockholder in
a corporation operating a retail dealership in the business of selling and
retailing farm implements, machinery, attachments or repair parts therefor,
the wholesaler, distributor or manufacturer who supplied such merchandise
shall repurchase from the heir or heirs of such retail dealer or majority
stockholder such merchandise under the same terms and conditions as if the
wholesaler, manufacturer or distributor had terminated the contract. Nothing
in this act shall require the repurchase of any farm implements, machinery,
attachments or repair parts therefor if the heir or heirs, and the wholesaler,
manufacturer or distributor jointly agree to enter into a new contract to
operate the retail dealership.
History: L. 1976, ch. 95, § 5; July 1.