30-11-705. Reimbursement for or repurchase of signs, special equipment, and special tools. Upon the cancellation of a dealership contract, a wholesaler, manufacturer, or distributor shall, at the retailer's request, pay the retailer, or credit to the retailer's account if the retailer has outstanding any sums owing the wholesaler, manufacturer, or distributor, an amount equal to:

(1) the original cost, adjusted for the remaining useful life, of each sign owned by the retailer that bears a common name, trade name, or trademark of the wholesaler, manufacturer, or distributor, acquired from any source, because the sign was recommended or required by the wholesaler, manufacturer, or distributor;

(2) (a) the original cost, adjusted for the remaining useful life, of all special equipment and special tools purchased or leased by the retailer that were acquired from the wholesaler, manufacturer, or distributor or sources approved by the wholesaler, manufacturer, or distributor and that were recommended or required by the wholesaler, manufacturer, or distributor; or

(b) if a sign, item of special equipment, or special tool has a service agreement or if the sign, item of special equipment, or special tool is leased by the retailer, the amounts required to be paid upon termination of the service agreement or the lease under the terms of the service or lease agreement; and

(3) the cost of removing, repairing damage caused by removal, transporting, handling, packing, and loading the signs, special equipment, and special tools.

History: En. Sec. 1, Ch. 177, L. 2001; amd. Sec. 8, Ch. 283, L. 2019.