Poultry Producers Financial Protection Act of 1987

Poultry Producers Financial Protection Act of 1987 - Amends the Packers and Stockyards Act, 1921 to remove live poultry handlers from marketing practices' regulation under such Act.

Establishes a statutory trust for the benefit of unpaid cash sellers or poultry growers which consists of the assets of live poultry dealers with average annual live poultry sales, or average annual value of poultry obtained by purchase or growing arrangement, greater than $100,000.

States that a dishonored payment instrument shall not be considered as payment.

Provides that an unpaid cash seller or poultry grower shall lose such trust benefit if he or she fails to give written notice of nonpayment or dishonored payment within specified time periods to the poultry dealers. States that the trust is preserved by giving written notice to the dealer and filing such notice with the Secretary of Agriculture.

Provides a cause of action for violations under such Act with respect to poultry sales, purchases, or growing arrangements.

Eliminates poultry handler recordkeeping provisions.

States that the Federal Trade Commission (FTC) shall have power and jurisdiction over all (marketing) transactions in commerce of poultry products.

States that the Secretary may exercise jurisdiction over poultry products in prompt payment or trust proceedings (as established by this Act) in order to avoid impairment of the Secretary's jurisdiction. Requires the Secretary to: (1) notify the FTC of any intended action; and (2) not proceed further if notified within ten days that an FTC proceeding involving the same subject matter is pending.

Authorizes the Secretary to seek injunctive relief for nonpayment of live poultry transactions, including growing arrangements.

Requires poultry dealers to pay poultry producers within the following time limits: (1) for a cash sale, full payment by the close of business on the day after the sale; and (2) for a growing arrangement, full payment within 15 days after the week of slaughter. States that a payment delay or attempted delay shall be considered an "unfair practice" violation under such Act.

Directs the Secretary, whenever he has reason to believe that a poultry dealer has violated the prompt payment or trust provisions created by this Act, to issue a written complaint and hold a hearing at least 30 days after service of the complaint. Authorizes the Secretary to issue a cease and desist order, and also to assess a civil penalty of up to $20,000 per violation, if he finds the dealer in violation of such provisions.

Makes the Secretary's order final unless a poultry dealer files an appeal with the appropriate court of appeals within 30 days after service.

Subjects a poultry dealer or his agents to fines of between $1,000 and $20,000 for failure to comply with the Secretary's order.

Declares that this Act shall not be construed to limit or otherwise affect the power of the Federal Trade Commission under the Federal Trade Commission Act to prevent, with respect to poultry products, the use of unfair methods of competition, and unfair deceptive act or practices.

Repeals title V of the Packers and Stockyards Act, 1921.