407.855. Repurchase of farm machinery inventory on termination of dealership--repurchase amount credited to debt of retailers--interest to be paid on credit, when, rate.
Repurchase of farm machinery inventory on termination ofdealership--repurchase amount credited to debt ofretailers--interest to be paid on credit, when, rate.
407.855. Whenever any retailer enters into a written or oralcontract with a wholesaler, manufacturer or distributor whereinthe retailer agrees to maintain an inventory and the contract isterminated by the wholesaler, manufacturer, distributor, orretailer, or upon the retailer's retirement at sixty-two years ofage or older, then the retailer may require the repurchase of theinventory as provided for in sections 407.850 to 407.885. In theevent of the death of the retailer or the majority stockholder ofa corporation operating as a retailer, the wholesaler,manufacturer or distributor shall repurchase the inventory asprovided for in section 407.880. If the retailer has anyoutstanding debts to the wholesaler, manufacturer or distributor,then the repurchase amount may be credited to the retailer'saccount. All payments or allowances of credit due retailer shallbe paid or credited within sixty days after the return ofimplements, machinery, attachments or repair parts. After sixtydays all payments or allowances shall include interest at therate stated in section 408.040, RSMo.
(L. 1982 H.B. 958 § 2, A.L. 1985 H.B. 604, A.L. 1987 S.B. 35)