(815 ILCS 715/3) (from Ch. 5, par. 1503)
Sec. 3.
Whenever any retailer enters into a written or oral agreement
with a wholesaler, manufacturer or distributor wherein the
retailer agrees to maintain an inventory and the contract is terminated
by wholesaler, manufacturer, distributor, or retailer, then the retailer
may require the repurchase of the inventory as provided for in this Act.
If the retailer has any outstanding debts to the wholesaler, manufacturer
or distributor then the repurchase amount may be credited to the retailer's account.
Any such agreement shall either expressly or by operation of law have as
part of its terms a security agreement whereby the wholesaler, manufacturer
or distributor agrees to and does grant a security interest to the retailer
in the repurchased inventory to secure the payment of the repurchase amount
to the retailer. The perfection, priority and other matters relating to
such security interest shall be governed by Article 9 of the "Uniform Commercial Code".
(Source: P.A. 85-197.)
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