North Carolina General Statutes 66-188. Failure to repurchase; civil remedy
Terms Used In North Carolina General Statutes 66-188
- Agreement: means a written or oral contract or agreement between a dealer and a wholesaler, manufacturer, or distributor by which the dealer is granted one or more of the following rights:
- Contract: A legal written agreement that becomes binding when signed.
- Current net price: means the price listed in the supplier's price list or catalog in effect at the time the agreement is terminated, less any applicable discounts allowed. See North Carolina General Statutes 66-180
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- Dealer: means a person engaged in the business of selling at retail farm, construction, utility or industrial, equipment, implements, machinery, attachments, outdoor power equipment, or repair parts. See North Carolina General Statutes 66-180
- Inventory: means farm implements and machinery, construction, utility and industrial equipment, consumer products, outdoor power equipment, attachments, or repair parts. See North Carolina General Statutes 66-180
- Supplier: means a wholesaler, manufacturer, distributor, or any purchaser of assets or stock of any surviving corporation resulting from a merger or liquidation, any receiver or assignee, or any trustee of the original manufacturer, wholesaler, or distributor who enters into an agreement with a dealer. See North Carolina General Statutes 66-180
(a) If a supplier fails or refuses to repurchase any inventory covered under the provisions of this Article within the time periods established in N.C. Gen. Stat. § 66-184, the supplier is civilly liable for one hundred percent (100%) of the current net price of the inventory, any freight charges paid by the dealer, the dealer’s reasonable attorney’s fee and court costs, and interest on the current net price of the inventory computed at the legal rate of interest from the 91st day after termination of the agreement.
(b) Notwithstanding any agreement to the contrary, and in addition to any other legal remedies available, any person who suffers monetary loss due to a violation of this Article or because he refuses to accede to a proposal for an arrangement that, if consummated, is in violation of this Article, may bring a civil action to enjoin further violations and to recover damages sustained by him together with the costs of the suit, including a reasonable attorney’s fee.
(b1) The provisions of N.C. Gen. Stat. § 66-182 through N.C. Gen. Stat. § 66-187.1 shall not be waivable in any contract or agreement, and any such attempted waiver shall be null and void.
(c) A civil action commenced under the provisions of this Article shall be brought within four years after the violation complained of is or reasonably should have been discovered, whichever occurs first. (1985, c. 441, s. 1; 2001-343, s. 1.)