Packers and Stockyards Improvement Act of 1996

Summary

Packers and Stockyards Improvement Act of 1996 - 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. Revises certain business recordkeeping requirements, including elimination of fine and imprisonment provisions. Includes formula-priced cattle in the definition of captive supply for data collection purposes.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

No timeline events have been ingested for this record yet.

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 15 May 1996

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 15 May 1996

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 15 May 1996

  Open at official source

Sponsors

No sponsors or actors listed by the source.

Related records

No cross-record relationships stored yet.