To amend the Packers and Stockyards Act, 1921, to provide for the establishment of a trust for the benefit of unpaid cash sellers of livestock, and for other purposes.
Securing All Livestock Equitably Act of 2020 or the SALE Act of 2020
This bill requires 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 $100,000.
The bill also specifies requirements regarding enforcement, preserving a trust, notifying lien holders, and purchasing or transferring livestock that is subject to a trust.
Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry.
Committee on Small Business and Entrepreneurship. Hearings held. Hearings printed: S.Hrg. 116-517.
Introduced in House
Introduced in House
Referred to the House Committee on Agriculture.
Referred to the Subcommittee on Livestock and Foreign Agriculture.
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