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§ 19-201. When repurchase required

West's Annotated Code of MarylandCommercial Law

West's Annotated Code of Maryland
Commercial Law
Title 19. Equipment Dealer Contract Act (Refs & Annos)
Subtitle 2. Repurchase Requirements and Terms (Refs & Annos)
MD Code, Commercial Law, § 19-201
§ 19-201. When repurchase required
Currentness
(a)(1) Subject to § 19-203 of this subtitle, whenever a dealer enters into a contract in which the dealer agrees to maintain inventory and the contract is terminated by either party, the supplier shall repurchase the dealer's inventory on the terms specified in § 19-202 of this subtitle unless the dealer chooses to keep the inventory.
(2) If the dealer has any outstanding debts to the supplier, the repurchase amount may be set off or credited to the dealer's account.
(b)(1) If a dealer enters into a contract in which the dealer agrees to maintain inventory and the dealer or the majority stockholder of the dealer, if the dealer is a corporation, dies or is adjudicated incompetent, the supplier shall, at the option of the heir, personal representative, or guardian of the dealer, or the person that succeeds to the stock of the majority stockholder if the dealer is a corporation, repurchase the inventory as if the contract had been terminated.
(2) An heir, personal representative, guardian, or succeeding stockholder has 1 year from the date of the death or adjudication of incompetency of the dealer or majority shareholder to exercise the option provided under this subsection.

Credits

Added by Acts 1987, c. 752, § 1, eff. July 1, 1987; Acts 1987, c. 753, § 1, eff. July 1, 1987. Amended by Acts 1988, c. 6, § 1, eff. Feb. 18, 1988; Acts 2005, c. 433, § 2, eff. July 1, 2005; Acts 2006, c. 44, § 1, eff. April 8, 2006.
MD Code, Commercial Law, § 19-201, MD COML § 19-201
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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