Kentucky Statutes 365.825 – Liability for failure to repurchase
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If any supplier fails or refuses to repurchase any inventory covered under the provisions of KRS § 365.800 to KRS § 365.840 within sixty (60) days after shipment of the inventory to the supplier, the supplier shall be liable in a civil action for one hundred percent (100%) of the current net price of the repair parts and superseded parts inventory plus five percent (5%) for handling, packing, and loading, if applicable, and one hundred percent (100%) of the net cost of all other 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 interest rate from the sixty-first day after shipment.
Effective: April 21, 2004
History: Amended 2004 Ky. Acts ch. 144, sec. 6, effective April 21, 2004. — Created
1986 Ky. Acts ch. 32, sec. 6, effective February 28, 1986.
Effective: April 21, 2004
Terms Used In Kentucky Statutes 365.825
- Action: includes all proceedings in any court of this state. See Kentucky Statutes 446.010
- Attorney: means attorney-at-law. See Kentucky Statutes 446.010
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
History: Amended 2004 Ky. Acts ch. 144, sec. 6, effective April 21, 2004. — Created
1986 Ky. Acts ch. 32, sec. 6, effective February 28, 1986.