,i  #aaf? ,,congress  #b;d ,session  ,h4
 ,r4 #fjfg  ,,9 ,,! ,,h\se ,,(          
,,repres5tatives  ,m>* #c1 #bjbj,mr4    
,m>%all 7= himself & ,mr4 ,co/a7        
introduc$ ! foll[+ bill2 :i* 0 ref]r$ to
 ! ,committee on ,agriculture  ,a ,,bill
  ,to am5d ! ,pack]s & ,/ocky>ds ,act1  
#aiba1 to provide = ! e/abli%m5t ( a    
tru/ = ! b5efit ( unpaid ca% sell]s (   
live/ock1 & = o!r purposes4  #a4 ,%ort  
title ,?is ,act may be cit$ z ! ,secur+ 
,all ,live/ock ,equitably ,act ( #bjbj  
or ! ,,sale ,act ( #bjbj4  #b4          
,e/abli%m5t ( tru/ = b5efit ( unpaid ca%
 sell]s ( live/ock ,! ,pack]s &         
,/ocky>ds ,act1 #aiba1 is am5d$ by      
ins]t+ aft] section #cag 7#g ,u4,s4,c4  
#bag;a7 ! foll[+ new section3  #cah4    
,/atutory tru/ e/abli%$2 deal]  7a7     
,e/abli%m5t  7#a7 ,9 g5]al ,all live/ock
 pur*as$ by a deal] 9 ca% sales & all   
inv5tories (1 or receivables or proce$s 
f1 su* live/ock %all be held by su*     
deal] 9 tru/ = ! b5efit ( all unpaid ca%
 sell]s ( su* live/ock until full paym5t

 has be5 receiv$ by su* unpaid ca%      
sell]s4  7#b7 ,exemption ,any deal] ^:  
av]age annual pur*ases ( live/ock d n   
exce$ #ajj1jjj %all be exempt f !       
provisions ( ?is section4  7#c7 ,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$4  7b7 ,pres]vation ( tru/ ,an  
unpaid ca% sell] %all lose ! b5efit ( a 
tru/ "u subsection 7a7 if ! unpaid ca%  
sell] has n pres]v$ ! tru/ by giv+      
writt5 notice to ! deal] involv$ & fil+ 
su* notice ) ! ,secret>y-- 7#a7 )9 #cj  
days ( ! f9al date = mak+ a paym5t "u   
section #dji 9 ! ev5t t a paym5t        
in/rum5t has n be5 receiv$2 or  7#b7 )9 
#ae bus9ess days aft] ! date on :i* !   
sell] receives notice t ! paym5t        
in/rum5t promptly pres5t$ = paym5t has  
be5 di%onor$4  7c7 ,notice to li5 hold]s
 ,:5 a deal] receives notice "u         
subsection 7b7 ( ! unpaid ca% sell]'s   

int5t to pres]ve ! b5efits ( ! tru/1 !  
deal] %all1 )9 #ae bus9ess days1 give   
notice to all p]sons :o h record$ a     
security int]e/ 91 or li5 on1 ! live/ock
 held 9 su* tru/4  7d7 ,ca% ,sales      
,def9$ ,= ! purpose ( ?is section1 a ca%
 sale means a sale 9 :i* ! sell] does n 
expressly ext5d cr$it to ! buy]4  7e7   
,pur*ase ( live/ock subject to tru/     
7#a7 ,9 g5]al ,a p]son pur*as+ live/ock 
subject to a deal] tru/ %all receive    
good title to ! live/ock if ! p]son     
receives ! live/ock-- 7,a7 9 ex*ange =  
paym5t ( new value2 &  7,b7 9 good fai? 
)\t notice t ! transf] is a brea* (     
tru/4  7#b7 ,di%onor$ paym5t in/rum5t   
,paym5t %all n be consid]$ to h be5 made
 if a paym5t in/rum5t giv5 9 ex*ange = !
 live/ock is di%onor$4  7#c7 ,transf] 9 
satisfaction ( antec$5t debt ,a transf] 
( live/ock subject to a deal] tru/ is n 
= value if ! transf] is 9 satisfaction (
 an antec$5t debt or to a secur$ p>ty   
pursuant to a security agreem5t4  7f7   
,en=cem5t ,:5ev] ! ,secret>y has reason 

to believe t a deal] subject to section 
#cah has fail$ to p]=m ! duties requir$ 
by section #cah or :5ev] ! ,secret>y has
 reason to believe t x w be 9 ! be/     
int]e/ ( unpaid ca% sell]s1 ! ,secret>y 
%all d "o or m ( ! foll[+-- 7#a7 appo9t 
an indep5d5t tru/ee to c>ry out ! duties
 requir$ by section #cah1 pres]ve tru/  
assets1 & en=ce ! tru/2  7#b7 s]ve z    
indep5d5t tru/ee1 pres]ve tru/ assets1 &
 en=ce ! tru/2 or  7#c7 file suit 9 !   
,unit$ ,/ates di/rict c\rt = ! di/rict 9
 :i* ! deal] resides to enjo9 ! deal]'s 
failure to p]=m ! duties requir$ by     
section #cah1 pres]ve tru/ assets1 & to 
en=ce ! tru/4 ,attorneys employ$ by !   
,secret>y may1 ) ! approval ( !         
,attorney ,g5]al1 repres5t ! ,secret>y 9
 any su* suit4 ,no?+ h]e9 %all preclude 
unpaid sell]s f fil+ suit to pres]ve or 
en=ce ! tru/4  4