Section 51:485 - Resale of repair partsA. Upon cancellation or discontinuance of a contract as described in R.S. 51:481(A) by the agent or dealer, the agent shall pay to the dealer, or credit to his account if he has outstanding any sums owing to the agent, a sum equal to one hundred percent of the current net prices on repair parts previously purchased from him by the dealer and held by the dealer on the date of the cancellation or discontinuance of the contract or thereafter received by the retailer from the wholesaler, manufacturer or distributor. This right of resale shall extend to superseded parts listed in current price lists or catalogs in use by the agent on the date of cancellation or discontinuance of the contract. Nothing in this Section shall prohibit the dealer from electing to keep such repair parts and superseded parts if he has the contractual right to do so. The agent shall buy back all specialized equipment that the agent required the dealer to purchase at fifty percent of the original price the dealer paid.B. The repurchase of a repair part shall not be required when the dealer has failed to return the part to the agent after being offered a reasonable opportunity to do so; provided the annual return program of the agent shall not be considered such reasonable opportunity to return within the meaning of this Section. Neither shall the agent be required to repurchase repair parts which have a limited storage life or which are otherwise subject to deterioration, such as rubber items, gaskets, single repair parts priced as a set of two or more items, and repair parts which because of their condition are not resellable as new parts. The dealer shall not be entitled to payment or credit for parts, equipment, implements, machinery, or attachments until the dealer furnishes evidence satisfactory to the company that such products are free and clear of all claims, liens, and encumbrances.Acts 1991, No. 627, §1; Acts 1992, No. 372, §1.Acts 1991, No. 627, §1; Acts 1992, No. 372, §1.