Tennessee § 47-25-1306 Title to repurchased inventory - Account adjustments

Tennessee Statutes

§ 47-25-1306 — Title to repurchased inventory - Account adjustments

Tennessee § 47-25-1306

Title47

This text of Tennessee § 47-25-1306 (Title to repurchased inventory - Account adjustments) is published on Counsel Stack Legal Research, covering Tennessee primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Tenn. Code Ann. § 47-25-1306 (2026).

Text

Upon payment of the repurchase amount to the retailer, the title and right of possession to the repurchased inventory shall transfer to the supplier. Annually, at the end of each calendar year, after termination or cancellation, the retailer's reserve account for recourse, retail sale or lease contracts shall not be debited by a supplier or lender for any deficiency unless the retailer or the heirs of the retailer have been given at least seven (7) business days' notice by certified or registered United States mail, return receipt requested, of any proposed sale of the equipment financed and an opportunity to purchase the equipment. The former retailer or the heirs of the retailer shall be given quarterly status reports on any remaining outstanding recourse contracts. As the recourse contr

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Upon payment of the repurchase amount to the retailer, the title and right of possession to the repurchased inventory shall transfer to the supplier. Annually, at the end of each calendar year, after termination or cancellation, the retailer's reserve account for recourse, retail sale or lease contracts shall not be debited by a supplier or lender for any deficiency unless the retailer or the heirs of the retailer have been given at least seven (7) business days' notice by certified or registered United States mail, return receipt requested, of any proposed sale of the equipment financed and an opportunity to purchase the equipment. The former retailer or the heirs of the retailer shall be given quarterly status reports on any remaining outstanding recourse contracts. As the recourse contracts are reduced, any reserve account funds shall be returned to the retailer or the heirs of the retailer in direct proportion to the liabilities outstanding.