N.Y. General Business Law 199-D – Repurchase of merchandise
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§ 199-d. Repurchase of merchandise. In the event of any termination, cancellation or failure to renew a franchise, whether by mutual agreement or otherwise, a distributor shall make or cause to be made an offer in good faith to repurchase from the dealer at then current wholesale prices any and all merchantable products purchased by said dealer from the distributor, provided however, that in such event the distributor shall have the right to apply the proceeds against any existing indebtedness owed to him by the dealer and further provided that such repurchased obligation is conditioned upon there being no other claims or liens against such products by or on behalf of other creditors of the dealer.
Terms Used In N.Y. General Business Law 199-D
- Dealer: means any person engaged in the retail sale of motor fuels for use in motor vehicles under a franchise entered into with a distributor. See N.Y. General Business Law 199-A
- Distributor: means any person engaged in the sale, consignment, or distribution of motor fuels to dealers. See N.Y. General Business Law 199-A
- Franchise: means any agreement between a distributor and a dealer under which the dealer is granted the right to use a trademark, trade name, service mark, or other identifying symbol or name owned by the distributor, or to which the distributor has the right to authorize the use thereof, and is furnished by the distributor with products to be sold at retail under such trademark, trade name, service mark, or other identifying symbol or name or any agreement between a distributor and a dealer under which the dealer is granted the right to occupy or use premises or facilities owned, leased, or controlled by the distributor, for the purpose of engaging in the retail sale of motor fuels of the distributor, provided that an agreement by one distributor to lease premises or facilities to another distributor shall not constitute a franchise. See N.Y. General Business Law 199-A
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.