Nebraska Statutes 69-1501. Retailer; contract; termination; reimbursement for implements, machinery, and parts
Whenever any person, firm, or corporation engaged in the business of selling and retailing farm implements and repair parts for farm implements enters into a written contract evidenced by a franchised agreement whereby such retailer agrees to maintain a stock of parts or complete or whole machines or attachments with any wholesaler, manufacturer, or distributor of farm implements or machinery or repair parts therefor and either such wholesaler, manufacturer, or distributor or the retailer desires to cancel or discontinue the contract, such wholesaler, manufacturer, or distributor shall pay to such retailer, unless the retailer desires to keep such merchandise, a sum equal to one hundred percent of the net cost of all new unused complete farm implements, machinery, and attachments, 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which have been paid by such retailer, and eighty-five percent of the current net prices on repair parts, including superseded parts, listed in a current price list or catalog which parts had previously been purchased from such wholesaler, manufacturer, or distributor and held by such retailer on the date of the cancellation or discontinuance of such contract. Such sums shall be due within sixty days of receipt of such farm implements, machinery, or attachments or repair parts therefor by such wholesaler, manufacturer, or distributor from such retailer. An interest rate of fourteen percent per annum shall be assessed on such sums which are delinquent. The wholesaler, manufacturer, or distributor shall also pay such retailer a sum equal to five percent of the current net price of all parts returned for the handling, packing, and loading of such parts for return to the wholesaler, manufacturer, or distributor. Upon the payment of the sum equal to one hundred percent of the net cost of such farm implements, machinery, and attachments, plus transportation charges, and eighty-five percent of the current net prices on repair parts, plus five percent handling, packing, and loading costs on repair parts only, plus freight charges which have been paid by the retailer, the title to such farm implements, farm machinery, and repair parts, or parts therefor, shall pass to the manufacturer, wholesaler, or distributor making such payment and such manufacturer, wholesaler, or distributor shall be entitled to the possession of such farm implements or repair parts therefor.
Terms Used In Nebraska Statutes 69-1501
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- 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
- Person: shall include bodies politic and corporate, societies, communities, the public generally, individuals, partnerships, limited liability companies, joint-stock companies, and associations. See Nebraska Statutes 49-801
The provisions of this section relating to a retailer’s right to cancel or discontinue a contract and receive payment for machines, attachments, and parts returned shall apply to all contracts entered into or renewed after July 1, 1971, but before May 2, 1991, which have expiration dates, except that the provisions for a retailer to receive payment for machines, attachments, and parts returned shall apply only to machines, attachments, and parts purchased after August 27, 1971. Any contract in force and effect on July 1, 1971, which by its own terms will terminate on a date subsequent thereto shall be governed by the law as it existed prior to August 27, 1971. Sections 69-1501 to 69-1504 shall not apply to any contract to which the Equipment Business Regulation Act applies.