Section 445.1451 – Short Title.
445.1451 Short title. Sec. 1. This act shall be known and may be cited as the “farm and utility equipment act”. History: 1984, Act 341, Imd. Eff. Dec 27, 1984 ;– Am. 1989, Act 296, Imd. Eff. Jan. 3, 1990
Section 445.1452 – Definitions.
445.1452 Definitions. Sec. 2. As used in this act unless the context clearly requires otherwise: (a) “Attachments” means machinery or any part of a piece of machinery designed to be used on or in conjunction with farm tractors, farm equipment, utility tractors, and utility equipment. (b) “Current net price” means the price listed in the […]
Section 445.1453 – Repurchase of Inventory on Termination of Agreement; Election to Keep Inventory.
445.1453 Repurchase of inventory on termination of agreement; election to keep inventory. Sec. 3. If a dealer enters into an agreement with a supplier and the agreement is subsequently terminated, the supplier shall repurchase any inventory of the dealer as provided in this act. The dealer may choose to keep the inventory if there exists […]
Section 445.1454 – Repurchase Amount; Handling, Packing, and Loading; Effect of Payment; Subtraction of Debts; Shipment; Undeliverable or Unaccepted Goods; Notice of Intent to Return; Duties of Supplier; Duties of Escrow Agent; Warranty Claims.
445.1454 Repurchase amount; handling, packing, and loading; effect of payment; subtraction of debts; shipment; undeliverable or unaccepted goods; notice of intent to return; duties of supplier; duties of escrow agent; warranty claims. Sec. 4. (1) The supplier shall pay 100% of the net cost of all undamaged and complete tractors, equipment, and attachments, which were […]
Section 445.1455 – Provisions Supplemental; Election of Remedies; Effect of Electing Contract Remedy; Charge Back.
445.1455 Provisions supplemental; election of remedies; effect of electing contract remedy; charge back. Sec. 5. (1) The provisions of this act are supplemental to any agreement between the dealer and the supplier governing the return of inventory and the dealer may elect to pursue either a contract remedy or the remedy provided in this act. […]
Section 445.1456 – Exceptions to Repurchase Requirement.
445.1456 Exceptions to repurchase requirement. Sec. 6. The provisions of this act shall not require the repurchase of the following by a supplier from a dealer: (a) Any perishable repair part included in a list of parts with shelf lives published by the supplier and provided to the dealer before termination, the shelf life of […]
Section 445.1457 – Liability of Supplier or Manufacturer Failing or Refusing to Pay or Credit Account of Dealer; Right of Dealer to Bring Action.
445.1457 Liability of supplier or manufacturer failing or refusing to pay or credit account of dealer; right of dealer to bring action. Sec. 7. (1) If any supplier fails or refuses to pay or credit the account of the dealer for any inventory required to be repurchased by section 3 within 90 days after receipt […]
Section 445.1457a – Notice of Termination, Cancellation, Nonrenewal, or Substantial Change in Competitive Circumstances.
445.1457a Notice of termination, cancellation, nonrenewal, or substantial change in competitive circumstances. Sec. 7a. (1) A supplier shall not terminate, cancel, fail to renew, or substantially change the competitive circumstances of an agreement without good cause. A supplier shall provide a dealer at least 90 days’ prior written notice of termination, cancellation, nonrenewal, or substantial […]
Section 445.1458 – Death of Dealer or Majority Stockholder or Partner; Options of Heirs; Time Limitation; New Franchise Agreement.
445.1458 Death of dealer or majority stockholder or partner; options of heirs; time limitation; new franchise agreement. Sec. 8. (1) Upon the death of the dealer or the majority stockholder of a corporation or a partner in a partnership operating as a dealer, the supplier shall, at the option of the heirs, repurchase the inventory […]
Section 445.1459 – Security Interest in Inventory Not Affected.
445.1459 Security interest in inventory not affected. Sec. 9. The provisions of this act shall not be construed to affect in any way any security interest that any financial institution, person, or supplier has in the inventory of the dealer. History: 1984, Act 341, Imd. Eff. Dec. 27, 1984 ;– Am. 1989, Act 296, Imd. […]
Section 445.1460 – Applicability of Act.
445.1460 Applicability of act. Sec. 10. The provisions of this act shall apply to all agreements, contracts, sales agreements, security agreements, or franchise agreements written or implied in force and effect on or after January 2, 1990. History: 1984, Act 341, Imd. Eff. Dec. 27, 1984 ;– Am. 1989, Act 296, Imd. Eff. Jan. 3, […]