A bill to amend the Packers and Stockyards Act, 1921, to provide for the establishment of a trust for the benefit of all unpaid cash sellers of livestock, and for other purposes.
Securing All Livestock Equitably Act of 2018 or the SALE Act of 2018
This bill amends the Packers and Stockyards Act, 1921 to require all livestock purchased by a dealer in cash sales and all inventories of, or receivables or proceeds from, such livestock to be held by the dealer in a trust until all unpaid cash sellers of the livestock have been paid.
The bill exempts from the requirement any dealer whose average annual purchases of livestock do not exceed $250,000. A dealer and cash seller may voluntarily waive the requirement using a written agreement that meets specified requirements.
The bill also specifies requirements regarding enforcement, preserving a trust, notifying lien holders, and purchasing or transferring livestock that is subject to a trust.
Referred to the Subcommittee on Livestock and Foreign Agriculture.
Introduced in Senate
Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry.
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