LMA President Jerry Etheredge talks about how the SALE Act would improve financial recovery of markets and producers in the event of a dealer payment default. Unfortunately, Jerry was one of the hundreds of livestock sellers who went unpaid when Eastern Livestock, the biggest dealer in the country at the time, defaulted.
Let’s break the pattern of markets and producers receiving just 5 – 15 cents on the dollar and being subject to payments already in the bank being pulled into a bankruptcy pool through preferential transfer claims. By creating a dealer trust, the SALE Act would address these issues. Join LMA in encouraging your members of congress to support the SALE Act!
Link to video: here