§ 51:487 — Supplementary nature of provisions

The provisions of R.S. 51:484 through 486 shall supplement any contract, as defined in R.S. 51:481, and the dealer may elect to pursue either his contract remedy or the remedy provided under this Part as to the engines, equipment, implements, machinery, attachments, or repair parts affected by the contract remedy. Notwithstanding anything contained herein, the right of the agent to deduct from the amount paid to the dealer or credited to his account any discount incident to the dealer's purchase of goods shall not be affected. Further, any repurchase under this Part shall not be subject to the provisions of the bulk sales law. After termination or cancellation, any debts remaining from a retail sale or lease contract shall not be reduced nor shall a dealer reserve account be debited by an agent or financial institution without prior approval of the dealer or his heirs. A former dealer or his heirs shall be given quarterly status reports on any remaining outstanding contracts. As the contracts are reduced any reserve account funds shall be returned to the dealer or his heirs in direct proportion to the liabilities outstanding.

Legislative History

Acts 1991, No. 627, §1.