,,ii  #aae? ,,congress  #b;d ,session   
,s4 #cadj  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,june #bf1 #bjah,mr4   
,inh(e 7= himself1 ,mr4 ,da9es1 ,mr4    
,moran1 & ,mrs4 ,fis*]7 introduc$ !     
foll[+ bill2 :i* 0 read twice & ref]r$  
to ! ,committee on ,agriculture1        
,nutrition1 & ,=e/ry  ,a ,,bill  ,to    
am5d ! ,pack]s & ,/ocky>ds ,act1 #aiba1 
to provide = ! e/abli%m5t ( a tru/ = !  
b5efit ( all unpaid ca% sell]s (        
live/ock1 & = o!r purposes4  #a4 ,%ort  
title ,?is ,act may be cit$ z ! ,secur+ 
,all ,live/ock ,equitably ,act ( #bjah  
or ! ,,sale ,act ( #bjah4  #b4          
,e/abli%m5t ( tru/ = b5efit ( unpaid ca%
 sell]s ( live/ock ,title ,,iii ( !     
,pack]s & ,/ocky>ds ,act1 #aiba 7#g     
,u4,s4,c4 #bja et seq471 is am5d$ by    
add+ at ! end ! foll[+3  #cah4 ,/atutory
 tru/ e/abli%$2 deal]  7a7 ,def9ition ( 
ca% sale ,9 ?is section1 ! t]m ca% sale 
means a sale 9 :i* ! sell] does n       
expressly ext5d cr$it to ! buy]4  7b7   
,e/abli%m5t  7#a7 ,9 g5]al ,except z    

provid$ 9 p>agraphs 7#b7 & 7#c71 all    
live/ock pur*as$ by a deal] 9 ca% sales 
& all inv5tories (1 or receivables or   
proce$s f1 t live/ock %all be held by ! 
deal] 9 tru/ = ! b5efit ( all unpaid ca%
 sell]s ( t live/ock until full paym5t  
has be5 receiv$ by ^? unpaid ca% sell]s4
  7#b7 ,exemption ,?is section %all n   
apply to a deal] ! am\nt ( av]age annual
 pur*ases ( live/ock ( :i* does n exce$ 
#bej1jjj4  7#c7 ,waiv]  7,a7 ,9 g5]al ,a
 deal] & a ca% sell] may volunt>ily     
waive ! applicability ( ?is section to !
 deal] & ca% sell] ?r\gh a writt5       
agreem5t describ$ 9 subp>agraph 7,b7 t  
is sign$ be=e any sale to :i* ! writt5  
agreem5t applies takes place4  7,b7     
,writt5 agreem5t ,a writt5 agreem5t     
ref]r$ to 9 subp>agraph 7,a7 %all       
indicate :e!r ! writt5 agreem5t applies 
to-- 7i7 #a sale2  7ii7 all sales be=e a
 specific date2 or  7iii7 all sales     
until ! deal] or ca% sell] t]m9ates !   
agreem5t 9 writ+4  7,c7 ,effect on      
paym5t t]ms ,a waiv] "u subp>agraph 7,a7

 %all n affect ! paym5t t]ms ( ! sale4  
7#d7 ,effect ( di%onor$ in/rum5ts ,=    
purposes ( det]m9+ full paym5t "u       
p>agraph 7#a71 a paym5t to an unpaid ca%
 sell] %all n be consid]$ to h be5 made 
if ! unpaid ca% sell] receives a paym5t 
in/rum5t t is di%onor$4  7c7 ,en=cem5t  
,if a deal] fails to p]=m ! duties      
requir$ by subsection 7b71 ! ,secret>y  
%all take su* action z is necess>y--    
7#a7 to en=ce ! tru/1 includ+ by appo9t+
 an indep5d5t tru/ee2 &  7#b7 to pres]ve
 ! assets ( ! tru/4  7d7 ,pres]vation ( 
tru/ ,an unpaid ca% sell] %all lose !   
b5efit ( a tru/ "u subsection 7b7 if !  
unpaid ca% sell] has n pres]v$ ! tru/   
by-- 7#a7 provid+ a writt5 notice to !  
applicable deal] ( ! int5t ( ! unpaid   
ca% sell] to pres]ve ! b5efits ( ! tru/2
 &  7#b7 fil+ t notice ) ! ,secret>y--  
7,a7 n lat] ?an #cj days aft] ! f9al    
date = mak+ a paym5t "u section #dji 9 !
 ev5t t a paym5t in/rum5t has n be5     
receiv$2 or  7,b7 n lat] ?an #ae bus9ess
 days aft] ! date on :i* ! sell]        

receives notice t ! paym5t in/rum5t     
promptly pres5t$ = paym5t has be5       
di%onor$4  7e7 ,notice to li5 hold]s ,n 
lat] ?an #ae bus9ess days aft] ! date on
 :i* a deal] receives notice "u         
subsection 7d77#a7 ) respect to a tru/1 
! deal] %all give notice ( ! int5t ( !  
unpaid ca% sell] to pres]ve ! b5efits ( 
! tru/ to all p]sons :o h record$ a     
security int]e/ 91 or li5 on1 ! live/ock
 held 9 t tru/4  7f7 ,pur*ase ( live/ock
 subject to tru/  7#a7 ,9 g5]al ,not)/&+
 section #acbd ( ! ,food ,security ,act 
( #aihe 7#g ,u4,s4,c4 #afca71 a buy] 9 !
 ord9>y c\rse t pur*ases live/ock t is  
held 9 tru/ by a deal] "u subsection    
7b71 includ+ f a deal] t engages 9 f>m+ 
op]ations1 %all receive good title to ! 
live/ock free ( ! deal] tru/-- 7,a7 if !
 buy] receives ! live/ock 9 ex*ange =   
paym5t ( new value2 &  7,b7 )\t reg>d to
 :e!r-- 7i7 ! deal] tru/ has be5 pres]v$
 9 accordance ) ?is section2 or  7ii7 ! 
buy] kn[s ( ! exi/5ce ( ! deal] tru/4   
7#b7 ,paym5t ,paym5t %all n be consid]$ 

to h be5 made "u p>agraph 7#a77;,a7 if a
 paym5t in/rum5t giv5 9 ex*ange = !     
live/ock is di%onor$4  7g7 ,transf] (   
live/ock subject to tru/ ,a transf] (   
live/ock t is held 9 tru/ by a deal] "u 
subsection 7b7 %all n be consid]$ to be 
= new value "u subsection 7f77#a77;,a7  
if ! transf] is-- 7#a7 9 satisfaction ( 
an antec$5t debt2 or  7#b7 to a secur$  
p>ty pursuant to a security agreem5t4  4