Summary: S.3140 — 115th Congress (2017-2018)All Information (Except Text)

There is one summary for S.3140. Bill summaries are authored by CRS.

Shown Here:
Introduced in Senate (06/26/2018)

Securing All Livestock Equitably Act of 2018 or the SALE Act of 2018

This bill amends the Packers and Stockyards Act, 1921 to require 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 $250,000. A dealer and cash seller may voluntarily waive the requirement using a written agreement that meets specified requirements.

The bill also specifies requirements regarding enforcement, preserving a trust, notifying lien holders, and purchasing or transferring livestock that is subject to a trust.