§ 66-183. Supplier's duty to repurchase. - North Carolina Statutes

§ 66‑183.  Supplier'sduty to repurchase.

(a)        Whenever a dealerenters into an agreement evidenced by a written or oral contract in which thedealer agrees to maintain an inventory, and the agreement is terminated byeither party, the supplier shall repurchase the dealer's inventory as providedin this Article unless the dealer chooses to keep the inventory. If the dealerhas any outstanding debts to the supplier, then the repurchase amount may beset off or credited to the retailer's account.

(b)        Whenever a dealerenters into an agreement in which the dealer agrees to maintain an inventory,and the dealer or the majority stockholder of the dealer, if the dealer is acorporation, dies or becomes incompetent, the supplier shall, at the option ofthe heir, personal representative, or guardian of the dealer, or the person whosucceeds to the stock of the majority stockholder, repurchase the inventory asif the agreement had been terminated. The heir, personal representative,guardian, or succeeding stockholder has one year from the date of the death ofthe dealer or majority stockholder to exercise the option under this Article. (1985, c. 441, s. 1; 2001‑343,s. 1.)