LMA members should contact their senators and urge them to co-sponsor S. 3140, the SALE Act, which would create a Dealer Trust. LMA supports a Dealer Statutory Trust. In the event of a dealer default, a Dealer Trust would significantly improve recovery by giving unpaid cash sellers priority to reclaim the livestock or, if they have been resold, first priority in the proceeds/receivables from those livestock. A dealer trust would also preclude preferential transfer in bankruptcy demands.
To find the agriculture staffer email address and phone numbers for you Senators, please search the list at this link: https://www.dropbox.com/s/rzul8otx8f3j0h4/DST%20senate%20reachout%20list.pdf?dl=0
For more information, call the LMA office at 1-800-821-2048 and ask to speak to a representative of the Government and Industry Affairs and Legal team.