summary
Introduced
03/09/2020
03/09/2020
In Committee
03/09/2020
03/09/2020
Crossed Over
Passed
Dead
12/31/2020
12/31/2020
Introduced Session
116th Congress
Bill Summary
A bill to amend the Packers and Stockyards Act, 1921, to provide for the establishment of a trust for the benefit of all unpaid cash sellers of livestock, and for other purposes. This bill requires all livestock purchased by a dealer in cash sales and all inventories of, or receivables or proceeds from, such livestock to be held by the dealer in a trust until all unpaid cash sellers of the livestock have been paid. The bill exempts from the requirement any dealer whose average annual purchases of livestock do not exceed $100,000. The bill also specifies requirements regarding enforcement, preserving a trust, notifying lien holders, and purchasing or transferring livestock that is subject to a trust.
AI Summary
This bill, the Securing All Livestock Equitably (SALE) Act of 2020, amends the Packers and Stockyards Act of 1921 to establish a statutory trust for the benefit of all unpaid cash sellers of livestock. It requires dealers to hold all purchased livestock, inventories, receivables, and proceeds in trust until full payment has been made to the unpaid cash sellers. The bill exempts dealers whose average annual livestock purchases do not exceed $100,000. It also provides requirements for preserving the trust, notifying lien holders, and the purchase or transfer of livestock subject to the trust. The bill empowers the Secretary of Agriculture to take certain enforcement actions, such as appointing an independent trustee, if a dealer fails to perform their duties or if it is in the best interest of an unpaid cash seller.
Committee Categories
Agriculture and Natural Resources
Sponsors (21)
James Inhofe (R)*,
John Barrasso (R),
Marsha Blackburn (R),
John Boozman (R),
Shelley Moore Capito (R),
Tom Cotton (R),
Kevin Cramer (R),
Steve Daines (R),
Michael Enzi (R),
Joni Ernst (R),
Deb Fischer (R),
Chuck Grassley (R),
John Hoeven (R),
Cindy Hyde-Smith (R),
Doug Jones (D),
Jerry Moran (R),
Marco Rubio (R),
Ben Sasse (R),
Tina Smith (D),
Jon Tester (D),
John Thune (R),
Last Action
Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry. (on 03/09/2020)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/116th-congress/senate-bill/3419/all-info |
| BillText | https://www.congress.gov/116/bills/s3419/BILLS-116s3419is.pdf |
| Bill | https://www.congress.gov/116/bills/s3419/BILLS-116s3419is.pdf.pdf |
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