37-5-9. Death of dealer--Repurchase of merchandise, parts, and attachments--Exercise of rights by heirs.
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/sd/title-37/chapter-37-5/37-5-9A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
In the event of the death of the dealer or majority stockholder in a corporation operating a dealership in the business of selling merchandise or repair parts for merchandise, the wholesaler, distributor, or manufacturer who supplied the merchandise, or its successor, shall repurchase from the heir or heirs of the dealer or majority stockholder the merchandise at a sum equal to one hundred percent of the net cost of all current unused complete merchandise, including transportation and reasonable assembly charges that have been paid by the dealer, and ninety - five percent of the current net prices on repair parts for the merchandise, including superseded parts, listed in current price lists or catalogues, plus a sum equal to five percent of the current net price of all parts returned for handling, packing, and loading of the parts, and any specialized computer hardware or software, specialized tool, or signage as specified in § 37-5-5.5 , unless the heir or heirs agree to continue to operate the dealership.
If the heir or heirs do not agree to continue to operate the dealership, it is deemed a cancellation or discontinuance of contract by the dealer under the provisions of § 37-5-5 , and as such the heir or heirs may exercise any rights and privileges under §§ 37-5-5 to 37-5-9 , inclusive.