Rhode Island General Laws 6-54-5. Repurchase of inventories
Current as of: 2023 | Check for updates
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If a dealership is terminated by the grantor, the grantor, at the option of the dealer, shall repurchase all inventories sold by the grantor to the dealer for resale under the dealership agreement at the fair market value. This section applies only to merchandise with a name, trademark, label or other mark on it which identifies the grantor.
History of Section.
P.L. 2013, ch. 308, § 1; P.L. 2013, ch. 370, § 1.
Terms Used In Rhode Island General Laws 6-54-5
- Agreement: means a written contractual agreement between the merchant and the third-party delivery service. See Rhode Island General Laws 6-58-1
- Dealer: means a person who is a grantee of a dealership situated in this state, and any successor in interest, regardless of the subsequent sale or change in ownership of such entity. See Rhode Island General Laws 6-54-2
- Dealership: means any of the following: A contract or agreement, either expressed or implied, whether oral or written, between two (2) or more persons, by which a person is granted the right to sell or distribute goods or services, or use a trade name, trademark, service mark, logotype, advertising, or other commercial symbol, in which there is a community of interest in the business of offering, selling, or distributing goods or services at wholesale, retail, by lease, agreement, or otherwise. See Rhode Island General Laws 6-54-2
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- Grantor: means a person who grants a dealership, and any successor in interest, regardless of the subsequent sale or change in ownership of such person. See Rhode Island General Laws 6-54-2
- Grantor: The person who establishes a trust and places property into it.