A. The supplier shall repurchase from the dealer within ninety days aftertermination of the agreement all inventory previously purchased from thesupplier that remains unsold on the date of termination of the agreement.
B. The supplier shall pay the dealer:
1. One hundred percent of the current net price of all new, unused, unsold,undamaged, and complete farm, construction, utility, and industrialequipment, implements, machinery, outdoor power equipment, and attachments.
2. Ninety percent of the current net price of all new, unused, and undamagedrepair and superseded parts.
3. Seventy-five percent of the net cost of all specialized repair toolspurchased in the previous three years and fifty percent of the net cost ofall specialized repair tools purchased in the previous four through six yearspursuant to the requirements of the supplier and held by the dealer on thedate of termination. Such specialized repair tools shall be unique to thesupplier's product line and shall be in complete and resalable condition.Farm implements, machinery, utility and industrial equipment, and outdoorpower equipment used in demonstrations, including equipment leased primarilyfor demonstration or lease, shall also be subject to repurchase under thissection at its agreed depreciated value, provided the equipment is in newcondition and has not been damaged.
4. At its amortized value, the price of any specific data processing hardwareand software and telecommunications equipment that the supplier required thedealer to purchase within the past five years.
C. The supplier shall pay the cost of shipping the inventory from thedealer's location and shall pay the dealer ten percent of the current netprice of all new, unused, undamaged repair parts returned, to cover the costof handling, packing, and loading. The supplier may perform the handling,packing, and loading instead of paying the ten percent for the services. Thedealer and the supplier may each furnish a representative to inspect allparts and certify their acceptability when packed for shipment.
D. The supplier shall pay the full repurchase amount to the dealer not laterthan thirty days after receipt of the inventory. If the dealer has anyoutstanding debts to the supplier, then the repurchase amount may be creditedto the dealer's account.
E. Upon payment of the repurchase amount to the dealer, the title and rightof possession to the repurchased inventory shall transfer to the supplier.Annually, at the end of each calendar year, or after termination orcancellation of the agreement, the dealer's reserve account for recourse,retail sale, or lease contracts shall not be debited by a supplier or lenderfor any deficiency unless the dealer or the heirs of the dealer have beengiven at least seven business days' notice by certified or registered UnitedStates mail, return receipt requested, of any proposed sale of the equipmentfinanced and an opportunity to purchase the equipment. The former dealer orthe heirs of the dealer shall be given quarterly status reports on anyremaining outstanding recourse contracts. As the recourse contracts arereduced, any reserve account funds shall be returned to the dealer or theheirs of the dealer in direct proportion to the liabilities outstanding.
F. In the event of the death of the dealer or the majority stockholder of acorporation operating as a dealer, the supplier shall, at the option of theheir, repurchase the inventory from the heir of the dealer or majoritystockholder as if the supplier had terminated the agreement. The heir shallhave one year from the date of the death of the dealer or majoritystockholder to exercise the heir's options under this section. Nothing inthis section shall require the repurchase of any inventory if the heir andthe supplier enter into a new agreement to operate the retail dealership.
G. A supplier shall have ninety days in which to consider and make adetermination upon a request by a family member to enter into a new agreementto operate the dealership. In the event the supplier determines that therequesting family member is not acceptable, the supplier shall provide thefamily member with a written notice of its determination with the statedreasons for nonacceptance. This section does not entitle an heir, personalrepresentative, or family member to operate a dealership without the specificwritten consent of the supplier.
H. Notwithstanding the provisions of this section, in the event that asupplier and a dealer have executed an agreement concerning succession rightsprior to the dealer's death, and if the agreement has not been revoked, thatagreement shall be enforced even if it designates someone other than thesurviving spouse or heir of the decedent as the successor.
A. The supplier shall repurchase from the dealer within ninety days aftertermination of the agreement all inventory previously purchased from thesupplier that remains unsold on the date of termination of the agreement.
B. The supplier shall pay the dealer:
1. One hundred percent of the current net price of all new, unused, unsold,undamaged, and complete farm, construction, utility, and industrialequipment, implements, machinery, outdoor power equipment, and attachments.
2. Ninety percent of the current net price of all new, unused, and undamagedrepair and superseded parts.
3. Seventy-five percent of the net cost of all specialized repair toolspurchased in the previous three years and fifty percent of the net cost ofall specialized repair tools purchased in the previous four through six yearspursuant to the requirements of the supplier and held by the dealer on thedate of termination. Such specialized repair tools shall be unique to thesupplier's product line and shall be in complete and resalable condition.Farm implements, machinery, utility and industrial equipment, and outdoorpower equipment used in demonstrations, including equipment leased primarilyfor demonstration or lease, shall also be subject to repurchase under thissection at its agreed depreciated value, provided the equipment is in newcondition and has not been damaged.
4. At its amortized value, the price of any specific data processing hardwareand software and telecommunications equipment that the supplier required thedealer to purchase within the past five years.
C. The supplier shall pay the cost of shipping the inventory from thedealer's location and shall pay the dealer ten percent of the current netprice of all new, unused, undamaged repair parts returned, to cover the costof handling, packing, and loading. The supplier may perform the handling,packing, and loading instead of paying the ten percent for the services. Thedealer and the supplier may each furnish a representative to inspect allparts and certify their acceptability when packed for shipment.
D. The supplier shall pay the full repurchase amount to the dealer not laterthan thirty days after receipt of the inventory. If the dealer has anyoutstanding debts to the supplier, then the repurchase amount may be creditedto the dealer's account.
E. Upon payment of the repurchase amount to the dealer, the title and rightof possession to the repurchased inventory shall transfer to the supplier.Annually, at the end of each calendar year, or after termination orcancellation of the agreement, the dealer's reserve account for recourse,retail sale, or lease contracts shall not be debited by a supplier or lenderfor any deficiency unless the dealer or the heirs of the dealer have beengiven at least seven business days' notice by certified or registered UnitedStates mail, return receipt requested, of any proposed sale of the equipmentfinanced and an opportunity to purchase the equipment. The former dealer orthe heirs of the dealer shall be given quarterly status reports on anyremaining outstanding recourse contracts. As the recourse contracts arereduced, any reserve account funds shall be returned to the dealer or theheirs of the dealer in direct proportion to the liabilities outstanding.
F. In the event of the death of the dealer or the majority stockholder of acorporation operating as a dealer, the supplier shall, at the option of theheir, repurchase the inventory from the heir of the dealer or majoritystockholder as if the supplier had terminated the agreement. The heir shallhave one year from the date of the death of the dealer or majoritystockholder to exercise the heir's options under this section. Nothing inthis section shall require the repurchase of any inventory if the heir andthe supplier enter into a new agreement to operate the retail dealership.
G. A supplier shall have ninety days in which to consider and make adetermination upon a request by a family member to enter into a new agreementto operate the dealership. In the event the supplier determines that therequesting family member is not acceptable, the supplier shall provide thefamily member with a written notice of its determination with the statedreasons for nonacceptance. This section does not entitle an heir, personalrepresentative, or family member to operate a dealership without the specificwritten consent of the supplier.
H. Notwithstanding the provisions of this section, in the event that asupplier and a dealer have executed an agreement concerning succession rightsprior to the dealer's death, and if the agreement has not been revoked, thatagreement shall be enforced even if it designates someone other than thesurviving spouse or heir of the decedent as the successor.
A. The supplier shall repurchase from the dealer within ninety days aftertermination of the agreement all inventory previously purchased from thesupplier that remains unsold on the date of termination of the agreement.
B. The supplier shall pay the dealer:
1. One hundred percent of the current net price of all new, unused, unsold,undamaged, and complete farm, construction, utility, and industrialequipment, implements, machinery, outdoor power equipment, and attachments.
2. Ninety percent of the current net price of all new, unused, and undamagedrepair and superseded parts.
3. Seventy-five percent of the net cost of all specialized repair toolspurchased in the previous three years and fifty percent of the net cost ofall specialized repair tools purchased in the previous four through six yearspursuant to the requirements of the supplier and held by the dealer on thedate of termination. Such specialized repair tools shall be unique to thesupplier's product line and shall be in complete and resalable condition.Farm implements, machinery, utility and industrial equipment, and outdoorpower equipment used in demonstrations, including equipment leased primarilyfor demonstration or lease, shall also be subject to repurchase under thissection at its agreed depreciated value, provided the equipment is in newcondition and has not been damaged.
4. At its amortized value, the price of any specific data processing hardwareand software and telecommunications equipment that the supplier required thedealer to purchase within the past five years.
C. The supplier shall pay the cost of shipping the inventory from thedealer's location and shall pay the dealer ten percent of the current netprice of all new, unused, undamaged repair parts returned, to cover the costof handling, packing, and loading. The supplier may perform the handling,packing, and loading instead of paying the ten percent for the services. Thedealer and the supplier may each furnish a representative to inspect allparts and certify their acceptability when packed for shipment.
D. The supplier shall pay the full repurchase amount to the dealer not laterthan thirty days after receipt of the inventory. If the dealer has anyoutstanding debts to the supplier, then the repurchase amount may be creditedto the dealer's account.
E. Upon payment of the repurchase amount to the dealer, the title and rightof possession to the repurchased inventory shall transfer to the supplier.Annually, at the end of each calendar year, or after termination orcancellation of the agreement, the dealer's reserve account for recourse,retail sale, or lease contracts shall not be debited by a supplier or lenderfor any deficiency unless the dealer or the heirs of the dealer have beengiven at least seven business days' notice by certified or registered UnitedStates mail, return receipt requested, of any proposed sale of the equipmentfinanced and an opportunity to purchase the equipment. The former dealer orthe heirs of the dealer shall be given quarterly status reports on anyremaining outstanding recourse contracts. As the recourse contracts arereduced, any reserve account funds shall be returned to the dealer or theheirs of the dealer in direct proportion to the liabilities outstanding.
F. In the event of the death of the dealer or the majority stockholder of acorporation operating as a dealer, the supplier shall, at the option of theheir, repurchase the inventory from the heir of the dealer or majoritystockholder as if the supplier had terminated the agreement. The heir shallhave one year from the date of the death of the dealer or majoritystockholder to exercise the heir's options under this section. Nothing inthis section shall require the repurchase of any inventory if the heir andthe supplier enter into a new agreement to operate the retail dealership.
G. A supplier shall have ninety days in which to consider and make adetermination upon a request by a family member to enter into a new agreementto operate the dealership. In the event the supplier determines that therequesting family member is not acceptable, the supplier shall provide thefamily member with a written notice of its determination with the statedreasons for nonacceptance. This section does not entitle an heir, personalrepresentative, or family member to operate a dealership without the specificwritten consent of the supplier.
H. Notwithstanding the provisions of this section, in the event that asupplier and a dealer have executed an agreement concerning succession rightsprior to the dealer's death, and if the agreement has not been revoked, thatagreement shall be enforced even if it designates someone other than thesurviving spouse or heir of the decedent as the successor.
