BILL INTRODUCED IN CONGRESS TO CREATE DEALER STATUTORY TRUST

     Kansas Congressman Roger Marshall introduced the Securing All Livestock Equitably Act (HR 4058) earlier this week in the U.S. House. The legislation would give unpaid cash sellers of livestock, including producers and auction markets, first priority to livestock and related proceeds or accounts receivable prior to other creditors in the event of a livestock dealer default. Established through the federal Packers & Stockyards Act, the dealer trust would be similar to the existing packer trust and augment funds available through the bond required of dealers.
     Marshall said current law puts producers and markets in a precarious position by giving creditors priority over livestock purchased, but not paid for. He said his bill, with 14 bipartisan co-sponsors, would ensure producers and markets are paid for livestock.
     The bill is supported by the Livestock Marketing Association.

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