South Carolina Code 39-59-60. Liability for failure to make timely repurchase of inventory
Current as of: 2023 | Check for updates
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Terms Used In South Carolina Code 39-59-60
- Contract: A legal written agreement that becomes binding when signed.
- Current Net Price: means the price listed in the wholesaler's, manufacturer's, or distributor's current price list or catalog in effect at the time the contract is cancelled or discontinued, less any applicable trade and cash discounts. See South Carolina Code 39-59-10
- Inventory: means farm implements, machinery, utility and industrial, and yard and garden equipment, attachments, or repair parts. See South Carolina Code 39-59-10
- Retailer: means any person engaged in the business of selling and retailing farm implements, machinery, utility and industrial, and yard and garden equipment, attachments or repair parts. See South Carolina Code 39-59-10
If any wholesaler, manufacturer, or distributor fails or refuses to repurchase any inventory covered under the provisions of this chapter within the time periods established in § 39-59-30, he is civilly liable for one hundred percent of the current net price of the inventory, plus any freight charges paid by the retailer, the retailer’s reasonable attorney’s fees, court costs, and interest on the current net price computed at the legal rate of interest from the ninety-first day after contract termination.