New Legislation Protects Livestock Sellers From Fraudulent Buyers

WASHINGTON, DC – USDA’s Agricultural Marketing Service (AMS) recently announced a new Dealer Statutory Trust for livestock sellers. According to the Independent Community Bankers Association (ICBA), livestock producers are required to hold all purchased livestock and the proceeds from resold livestock in trust for the benefit of all unpaid cash sellers of livestock until full payment has been received by those sellers. Dealers whose average annual livestock purchases do not exceed $100,000 are exempt from the new law.
(SOURCE: All Ag News)