2015 New Mexico Statutes
Chapter 57 - Trade Practices and Regulations
Section 23 Franchise Termination
Section 57-23-6 Late payment.
57-23-6. Late payment.
If a supplier does not make the payment required by the Franchise Termination Act [57-23-1 to 57-23-8 NMSA 1978] before the sixty-first day after the day that the supplier received the final shipment of the inventory from the dealer, the supplier shall be liable to the dealer for:
A. the greater of the dealer cost or current price of the inventory;
B. the expenses incurred by the dealer in returning the inventory to the supplier;
C. interest on the greater of the dealer cost or current price of the inventory, at the rate applicable to a judgment of a court of this state, for the period beginning on the sixty-first day after the day the supplier received the inventory;
D. reasonable attorney's fees; and
E. costs.
History: Laws 1985, ch. 229, 6.
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