A bill to amend the Packers and Stockyards Act, 1921, as amended and for other purposes.

Summary

Provides, in addition to practices now enumerated as unlawful under the Packers and Stockyards Act, that it shall be unlawful for any packer: (1) to fail to or refuse to pay by cash, check, or wire transfer of funds for the purchase price of livestock at the time and place of sale unless an alternative method of payment is agreed to in writing by both parties to the sale; (2) to seek, establish, or utilize a method of payment calculated to delay the collection of funds; and (3) to encumber, except in an amount greater than the unpaid balance of a cash sale, livestock or related inventories or accounts receivable, in the absence of an express agreement between packer and seller with regard to the extension of credit. Makes it unlawful for a packer to buy livestock without paying for it at the time of purchase unless he has current assets in excess of current liabilities. Authorizes the Secretary of Agriculture to obtain a restraining order or an injunction through a United States district court against a packer found to be operating in violation of this Act. States that debts of a bankrupt packer incurred through livestock or poultry purchases shall have priority in settling the bankruptcy.

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1 official file

• Introduced in House

  summary · EN · 25 June 1975

  Open at official source

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