There is a newer version of the Kentucky Revised Statutes
2009 Kentucky Revised Statutes
CHAPTER 365 TRADE PRACTICES
365.815 Title to repurchased goods -- Reserve accounts for recourse contracts.
Download pdfthe repurchased inventory shall transfer to the supplier. Annually, at the end of each
calendar year after the termination of a retail agreement contract, the retailer's reserve
accounts for recourse contracts shall not be debited by a supplier or lender for any
deficiency unless the retailer has been given at least seven (7) business days notice by
registered United States mail, return receipt requested, of any proposed sale of the
equipment financed and has been given an opportunity to purchase the equipment. The
former 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 in direct proportion to the liabilities outstanding. Effective: April 21, 2004
History: Amended 2004 Ky. Acts ch. 144, sec. 4, effective April 21, 2004. -- Created 1986 Ky. Acts ch. 32, sec. 4, effective February 28, 1986.
Disclaimer: These codes may not be the most recent version. Kentucky may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google
Privacy Policy and
Terms of Service apply.