§ 19-202. Repurchase terms
West's Annotated Code of MarylandCommercial LawEffective: October 1, 2010
Effective: October 1, 2010
MD Code, Commercial Law, § 19-202
§ 19-202. Repurchase terms
(iii) 75 percent of the net cost of all specialized repair tools purchased in the previous 3 years and 50 percent of the net cost of all specialized repair tools purchased in the previous 4 through 6 years in accordance with the requirements of the supplier and held by the dealer on the date of termination, if the specialized repair tools are unique to the supplier's product line and are in complete and resalable condition;
(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.
(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.
(g) Notwithstanding the provisions of this section, if a supplier and a dealer have executed an agreement concerning succession rights prior to the dealer's death, and if the agreement has not been revoked, the agreement shall be enforced even if it designates someone other than the surviving spouse or heir of the decedent as the successor.
Credits
Added by Acts 1987, c. 752, § 1, eff. July 1, 1987; Acts 1987, c. 753, § 1, eff. July 1, 1987. Amended by Acts 2005, c. 433, § 2, eff. July 1, 2005; Acts 2010, c. 55, § 1, eff. Oct. 1, 2010.
MD Code, Commercial Law, § 19-202, MD COML § 19-202
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.
End of Document |