Current as of January 01, 2018 | Updated by FindLaw Staff
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Upon payment of the repurchase amount to the retailer, the title and right of possession to the repurchased inventory shall transfer to the supplier. Annually, at the end of each calendar year, after termination or cancellation, the retailer's reserve account for recourse, retail sale or lease contracts shall not be debited by a supplier or lender for any deficiency unless the retailer or his heirs have been given at least seven (7) business days' notice by registered U.S. mail, return receipt requested, of any proposed sale of the equipment financed and an opportunity to purchase the equipment. The former retailer or his heirs 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 or his heirs in direct proportion to the liabilities outstanding.
Cite this article: FindLaw.com - Mississippi Code Title 75. Regulation of Trade, Commerce and Investments § 75-77-7. Transfer of title and right of possession - last updated January 01, 2018 | https://codes.findlaw.com/ms/title-75-regulation-of-trade-commerce-and-investments/ms-code-sect-75-77-7/
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