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Trust ensures cattle sellers receive payment should a livestock dealer become insolvent.  USDA’s Agricultural Marketing Service announced a new Dealer Statutory Trust to protect livestock sellers. The Consolidated Appropriations Act, signed on December 27, 2020, amended the Packers and Stockyards (P&S) Act by adding Section 318 to establish a “Dealer Statutory Trust” for the benefit of unpaid cash sellers of livestock. The bill ensures that livestock producers are paid for their animals by requiring dealer trusts. In the current system, dealers frequently buy and resell livestock, often grouping them to meet the volume and type needs of their customers. Dealers are allowed to take possession of livestock and pay for them later, and dealers do not maintain a trust account to guarantee payment.

United statesJim inhofeJim costaChuck grassleyJustin tupperRobert bonnieDealer statutory trust to protect livestock sellersLivestock dealer statutoryLivestock marketing associationUnited states cattlemen association viceDealer statutoryBiden administrationUsda agricultural marketing servicePs regional officeMarketing competition committeeMarketing service