Beef Buzz News
New Law Will Help Livestock Sellers Recover Funds When a Dealer's Check Bounces Says LMA's Chelsea Good
Tue, 02 Feb 2021 08:20:19 CST
A little known section of the Covid relief package passed at the end of 2020 could provide relief for victims of unscrupulous cattle dealers said Chelsea Good, vice president of government and industry affairs for the Livestock Marketing Association.
Ron Hays Beef Buzzes With Chelsea Good
The Livestock Dealers Statutory Trust was signed into law as part of that legislative package and Good explained to Radio Oklahoma Ag Network Farm Director Ron Hays how the law will work.
What that does is provide extra protection for sellers of livestock to a livestock dealer in the unfortunate event of a payment default, Good said.
Under the new law unpaid sellers of livestock have the legal right to reclaim that livestock from the dealer or if the dealer has resold the livestock, the unpaid sellers of the livestock will have first priority in the proceeds from those livestock, she said.
I think it will really improve the livestock recovery, Good said.
Itís not uncommon for a livestock seller to discover a ďbad checkĒ after the livestock have traded hands several times.
If a feed yard buys a load put together by a dealer who has purchased from several producers, the feed yard owner will continue to have clear title to those livestock but the original producer will have first priority to the proceeds, she said.
The trust is not a pool of funds, but simply a change in priority of assets, Good said.
In the event of a default the unpaid sellers have priority so they could actually go get the cattle from the dealer, Good said.
Until this law passed that wasnít the case, she said.
Itís really a change in priority of who has first claim to these trust assets, Good added.
Click on the LISTEN BAR below to hear more of Ronís interview with Chelsea Good.
The Beef buzz is a regular feature heard on radio stations around the region on the Radio Oklahoma Network and is a regular audio feature found on this website as well. Click on the LISTEN BAR below for todayís show and check out our archives for older Beef Buzz shows covering the gamut of the beef cattle industry today.
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