A bill to amend the Packers and Stockyards Act, 1921, to establish a trust for the benefit of the seller of livestock until the seller receives payment in full for the livestock, and for other purposes.

Summary

Amends the Packers and Stockyards Act, 1921 to provide that a livestock dealer or market agency shall hold the proceeds of a cash sale in trust for the seller until the seller receives full payment. Exempts certain small dealers or market agencies from such provision. States that: (1) a dishonored payment instrument shall not constitute a sale (with resultant loss of trust benefit); (2) third-party purchaser rights shall not be affected by such livestock dealer trust; and (3) jurisdiction for related civil matters shall be in U.S. district courts.

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Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 25 April 1996

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• Introduced in Senate (PDF)

  Introduced in Senate · EN · 25 April 1996

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 25 April 1996

  Open at official source

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