Tennessee Code 47-25-1904 – Retailer’s right to have inventory repurchased
Current as of: 2024 | Check for updates
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Terms Used In Tennessee Code 47-25-1904
- Contract: A legal written agreement that becomes binding when signed.
- Dealer: means any person engaged in the business of selling and retailing inventory, who enters into a retail agreement, and who, under the terms of the agreement receives inventory from the supplier. See Tennessee Code 47-25-1902
- Inventory: means motorcycles, off-road vehicles, attachments and repair parts. See Tennessee Code 47-25-1902
- Retail agreement: means an agreement, including a franchise agreement that meets the requirements of a retail agreement, whether express, implied, oral, or written, between two (2) or more persons:
(A) By which a person receives the right to: (i) Sell or lease inventory or services at retail or wholesale. See Tennessee Code 47-25-1902 - Supplier: includes a:
(A) Wholesaler. See Tennessee Code 47-25-1902 - written: includes printing, typewriting, engraving, lithography, and any other mode of representing words and letters. See Tennessee Code 1-3-105
Whenever any dealer enters into a retail agreement with a supplier, evidenced by a written or oral contract, in which the dealer agrees to maintain an inventory of motorcycles, off-road vehicles, and attachments, inventory of parts and to provide service thereon, and the contract is terminated, then the supplier shall repurchase the inventory as provided in § 47-25-1906. The dealer may keep the inventory if the dealer desires. If the dealer has any outstanding debts to the supplier, then the repurchase amount may be set off or credited to the dealer’s account.