(a) Within 90 days after termination of the contract the supplier shall repurchase from the dealer all inventory, previously purchased from the supplier, that remains unsold on the date the contract terminates.
(b) (1) The supplier shall pay the dealer:
(i) 100 percent of the current net price of all new, unused, unsold, undamaged, and complete farm, construction, utility, and industrial equipment, implements, machinery, outdoor power equipment, outdoor power sports equipment, and attachments;
(ii) 90 percent of the current net price of all new, unused, and undamaged repair parts and superseded parts;
(iii) 75 percent of the net cost of all specialized repair tools purchased in the previous 3 years and 50 percent of the net cost of all specialized repair tools purchased in the previous 4 through 6 years in accordance with the requirements of the supplier and held by the dealer on the date of termination, if the specialized repair tools are unique to the supplier’s product line and are in complete and resalable condition;
(iv) The agreed depreciated value of farm implements, machinery, utility and industrial equipment, outdoor power equipment, and outdoor power sports equipment used in demonstrations, including equipment leased primarily for demonstration or lease; and
(v) At its amortized value, the price of any specific data processing hardware and software and telecommunications equipment that the supplier required the dealer to purchase within the past 5 years.
(2) (i) The supplier shall pay:
1. The cost of shipping the inventory from the dealer’s location; and
2. The dealer 10 percent of the current net price of all new, unused, and undamaged repair parts returned to cover the cost of handling, packing, and loading.
(ii) The supplier may perform the handling, packing, and loading of repair parts instead of paying the 10 percent for the services.
(iii) The dealer and the supplier may each furnish a representative to inspect all parts and certify the acceptability of any part when packed for shipment.
(c) (1) The supplier shall pay the full repurchase amount to the dealer not later than 30 days after receipt of the inventory.
(2) If the dealer has any outstanding debts to the supplier, the repurchase amount shall be credited to the dealer’s account.
(d) (1) On payment of the repurchase amount to the dealer, the title and right of possession to the repurchased inventory shall transfer to the supplier.
(2) At the end of each calendar year or after termination or cancellation of the contract, a supplier or lender may not debit the dealer’s reserve account for recourse, retail sale, or lease contracts for any deficiency unless the dealer or the heirs of the dealer have been given at least 7 business days’ notice by certified or registered United States mail, return receipt requested, of any proposed sale of the financed equipment and an opportunity to purchase the equipment.
(3) The former dealer or the heirs of the dealer shall be given quarterly status reports on any remaining outstanding recourse contracts.
(4) As the recourse contracts are reduced, any reserve account funds shall be returned to the dealer or the heirs of the dealer in direct proportion to the outstanding liabilities.
(e) (1) In the event of the death of the dealer or the majority stockholder of a corporation operating as a dealer, the supplier shall, at the option of the heir of the dealer or majority stockholder, repurchase the inventory from the heir of the dealer or majority stockholder as if the supplier had terminated the contract.
(2) Within 1 year after the date of the death of the dealer or majority stockholder, the heir shall exercise the heir’s options under this section.
(3) Nothing in this section shall require the repurchase of any inventory if the heir and the supplier enter into a new contract to operate the retail dealership.
(f) (1) Within 90 days a supplier shall consider and make a determination on a request by a family member to enter into a new contract to operate the dealership.
(2) If the supplier determines that the requesting family member is not acceptable, the supplier shall provide the family member with a written notice of its determination with the stated reasons for nonacceptance.
(3) This section does not entitle an heir, personal representative, or family member to operate a dealership without the specific written consent of the supplier.
(g) Notwithstanding the provisions of this section, if a supplier and a dealer have executed an agreement concerning succession rights prior to the dealer’s death, and if the agreement has not been revoked, the agreement shall be enforced even if it designates someone other than the surviving spouse or heir of the decedent as the successor.