Repurchase of farm machinery inventory on termination of dealership
When a farm equipment dealer (retailer) has a contract to keep an inventory of farm machinery, and that contract ends for any reason — or the dealer retires at age 62 or older — the dealer can make the supplier buy back the inventory. If the dealer dies, the supplier must buy back the inventory. If the dealer owes money to the supplier, the buyback amount can be used to pay down that debt. The supplier has 60 days to pay or credit the dealer after getting the equipment back. After 60 days, the supplier owes interest on any unpaid amount.
407.855. of farm machinery on of — repurchase amount ed to debt of s — interest to be paid on credit, when, rate. — Whenever any retailer enters into a written or oral contract with a , or wherein the retailer agrees to maintain an inventory and the contract is terminated by the wholesaler, manufacturer, distributor, or retailer, or upon the retailer's retirement at sixty-two years of age or older, then the retailer may require the repurchase of the inventory as provided for in sections 407.850 to 407.885. In the event of the death of the retailer or the of a operating as a retailer, the wholesaler, manufacturer or distributor shall repurchase the inventory as provided for in section 407.880. If the retailer has any outstanding debts to the wholesaler, manufacturer or distributor, then the repurchase amount may be credited to the retailer's account. All payments or of credit due retailer shall be paid or credited within sixty days after the of implements, machinery, attachments or . After sixty days all payments or allowances shall include interest at the rate stated in section 408.040.
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Source & history notes
(L. 1982 H.B. 958 § 2, A.L. 1985 H.B. 604, A.L. 1987 S.B. 35)
Legal information, not legal advice. Always confirm with the official source at revisor.mo.gov.