Section 696-F. Repurchase of equipment upon termination

1. Whenever any
  dealer enters into a dealer agreement with a supplier wherein the dealer
  agrees to maintain an inventory of equipment or  repair  parts  and  the
  dealer   agreement   is  subsequently  terminated,  the  supplier  shall
  repurchase the inventory as provided in this  article.  The  dealer  may
  keep  the  inventory  if  such  dealer desires provided the dealer has a
  contractural right to do so. If the dealer has any outstanding debts  to
  the  supplier then part or all of the repurchase amount equal to, but no
  more than, the total amount of the debts may be credited to the dealer's
  account.
    2. If the dealer decides not to keep the inventory, the supplier shall
  repurchase that inventory previously purchased and held by the dealer on
  the date of termination of the contract.  The  supplier  shall  pay  one
  hundred  percent  of  the  net  cost  of  all new, unsold, undamaged and
  complete equipment which is resalable, less a reasonable  allowance  for
  depreciation  due  to  usage  by  the  dealer and deterioration directly
  attributable to weather conditions at the dealer's location and less all
  programs  and  discounts  previously  allowed  thereon  and  eighty-five
  percent  of  the  current net price of all new, unused, undamaged repair
  parts and accessories which are listed in the supplier's effective price
  list or catalogue less all programs  and  discounts  previously  allowed
  thereon  by  the supplier to the dealer. The supplier shall also pay the
  dealer six percent of the current net  price  on  all  new,  unused  and
  undamaged  repair  parts returned to cover the cost of handling, packing
  and loading. The supplier  shall  have  the  option  of  performing  the
  handling,  packing  and  loading  or  paying  one hundred percent of the
  current net price of parts in lieu of paying the six percent sum imposed
  herein for these services  and  in  this  case  the  dealer  shall  make
  available  to  the supplier, at the dealer's address or at the places at
  which it is located, all equipment previously purchased by  the  dealer,
  after receipt by the dealer of the full repurchase amount.
    3.  Upon  payment  within  sixty  days of the repurchase amount to the
  dealer, the title and right to possession of the  repurchased  inventory
  shall transfer or be transferred to the supplier.
    4.  The  provisions  of  this article shall not require the repurchase
  from the dealer of:
    (a) any repair part which has a limited storage life or  is  otherwise
  subject to deterioration;
    (b)  any  single  repair  part which is priced as a set of two or more
  items;
    (c) any repair part which because of its condition is not resalable as
  a new part without repairing or reconditioning;
    (d) any inventory for which the dealer is unable to  furnish  evidence
  reasonably  satisfactory  to the supplier, of good title, free and clear
  of all claims, liens and encumbrances;
    (e) any inventory which the  dealer  desires  to  keep,  provided  the
  dealer has a contractural right to do so;
    (f) any equipment which is not in new, unused, undamaged, and complete
  condition;
    (g)   any  equipment  which  has  been  used  by  the  dealer  or  has
  deteriorated because of weather  conditions  at  the  dealer's  location
  unless  the  supplier  receives a reasonable allowance for such usage or
  deterioration;
    (h)  any  repair  parts  which  are  not  in  new,  unused,  undamaged
  condition;
    (i) any inventory which was ordered by the dealer on or after the date
  of  receipt  of the notification of termination of the dealer agreement;
  or

    (j) any inventory which was acquired by the  dealer  from  any  source
  other than the supplier.
    5.  If  any  supplier shall fail or refuse to repurchase any inventory
  covered under the provisions of this article  within  sixty  days  after
  termination  of  a  dealer's  contract, he shall be civilly liable for a
  total amount of one hundred fifteen percent of the current net price  of
  the  inventory plus any freight charges paid by the dealer plus all cost
  of financing such repurchase,  including  courts  costs  and  reasonable
  attorneys' fees allowed by the court.