§ 199-d. Repurchase of merchandise. In the event of any termination,
cancellation or failure to renew a franchise, whether by mutual
agreement or otherwise, a distributor shall make or cause to be made an
offer in good faith to repurchase from the dealer at then current
wholesale prices any and all merchantable products purchased by said
dealer from the distributor, provided however, that in such event the
distributor shall have the right to apply the proceeds against any
existing indebtedness owed to him by the dealer and further provided
that such repurchased obligation is conditioned upon there being no
other claims or liens against such products by or on behalf of other
creditors of the dealer.