TITLE 28

COMMERCIAL TRANSACTIONS

CHAPTER 23

REPURCHASE OF FARM MACHINERY AND EQUIPMENT UPON TERMINATION OF CONTRACT

28-23-108.  Guaranty and security agreement notice requirements. All wholesalers, manufacturers or distributors of farm implements, equipment, machinery, attachments, accessories or repair parts shall give the retailer a minimum of ninety (90) days’ notice in writing and obtain consent from the dealer before changing the time and manner of payment of any indebtedness owed by retailer to manufacturer, distributor or wholesaler, and before taking and making any changes in notes or security for any indebtedness, and before releasing or adding additional guarantors, and before granting renewals or extensions of such indebtedness.

History:

[28-23-108, added 1975, ch. 97, sec. 8, p. 197; am. 2005, ch. 238, sec. 5, p. 734; am. 2011, ch. 270, sec. 8, p. 734.]