Michigan Compiled Laws
Act 341 of 1984 - Farm and Utility Equipment Act (445.1451 - 445.1460)
Section 445.1453 - Repurchase of Inventory on Termination of Agreement; Election to Keep Inventory.

Sec. 3.
If a dealer enters into an agreement with a supplier and the agreement is subsequently terminated, the supplier shall repurchase any inventory of the dealer as provided in this act. The dealer may choose to keep the inventory if there exists a contractual right to do so.
History: 1984, Act 341, Imd. Eff. Dec. 27, 1984 ;-- Am. 1989, Act 296, Imd. Eff. Jan. 3, 1990 ;-- Am. 1995, Act 86, Imd. Eff. June 20, 1995

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Structure Michigan Compiled Laws

Michigan Compiled Laws

Chapter 445 - Trade and Commerce

Act 341 of 1984 - Farm and Utility Equipment Act (445.1451 - 445.1460)

Section 445.1451 - Short Title.

Section 445.1452 - Definitions.

Section 445.1453 - Repurchase of Inventory on Termination of Agreement; Election to Keep Inventory.

Section 445.1454 - Repurchase Amount; Handling, Packing, and Loading; Effect of Payment; Subtraction of Debts; Shipment; Undeliverable or Unaccepted Goods; Notice of Intent to Return; Duties of Supplier; Duties of Escrow Agent; Warranty Claims.

Section 445.1455 - Provisions Supplemental; Election of Remedies; Effect of Electing Contract Remedy; Charge Back.

Section 445.1456 - Exceptions to Repurchase Requirement.