Section 199-D. Repurchase of merchandise

In the event of any termination,
  cancellation  or  failure  to  renew  a  franchise,  whether  by  mutual
  agreement  or otherwise, a distributor shall make or cause to be made an
  offer in good faith to  repurchase  from  the  dealer  at  then  current
  wholesale  prices  any  and  all merchantable products purchased by said
  dealer from the distributor, provided however, that in  such  event  the
  distributor  shall  have  the  right  to  apply the proceeds against any
  existing indebtedness owed to him by the  dealer  and  further  provided
  that  such  repurchased  obligation  is  conditioned upon there being no
  other claims or liens against such products by or  on  behalf  of  other
  creditors of the dealer.