69-1504 Retail dealer; majority stockholder; death; settlement with heirs. - Nebraska Statutes

69-1504. Retail dealer; majority stockholder; death; settlement with heirs.In the event of the death of the retail dealer or majority stockholder in a corporation operating a retail dealership in the business of selling and retailing farm implements or repair parts for farm implements, the wholesaler, distributor, or manufacturer who supplied such merchandise shall repurchase from the heir or heirs of such retail dealer or majority stockholder such merchandise at a sum equal to one hundred percent of the net cost of all current unused complete farm implements including transportation charges which have been paid by such retailer, and eighty-five percent of the current net prices on repair parts, including superseded parts, listed in current price lists or catalogs, plus a sum equal to five percent of the current net price of all parts returned for handling, packing, and loading of such parts, unless such heir or heirs agree to continue to operate such retail dealership. In the event such heir or heirs do not agree to continue to operate such retail dealership, it shall be deemed a cancellation or discontinuance of contract by the retailer under the provisions of section 69-1501, and as such the heir or heirs may exercise any rights and privileges under the provisions of sections 69-1501 to 69-1504. SourceLaws 1971, LB 699, § 4.