With the President’s signature on December 27, 2020, Livestock Dealer Statutory Trust is now law! Dealer Trust gives sellers of livestock (often livestock auction markets or producers) the legal priority to get livestock back when a livestock dealer fails to pay. If the cattle have been resold, the unpaid sellers are now first in line for the proceeds.
But how will a Dealer Trust function? What does this mean for cattle producers, feeders, dealers, livestock auction markets, and lenders?
Livestock Marketing Association will be hosting a virtual call regarding Dealer Statutory Trust on Thursday, January 21, at 7 p.m. Central via Zoom. LMA’s Vice President of Government and Industry Affairs and Legal Chelsea Good and General Counsel and Vice President of Risk Mitigation Jara Settles will be leading the conversation by explaining Dealer Statutory Trust and addressing common industry questions. An opportunity for participants to ask questions will be available at the end of the Zoom call. This Zoom is open to anyone interested in learning more about Dealer Statutory Trust.
Source : osu.edu