,,ii  #aaf? ,,congress  #b;d ,session   
,s4 #cdai  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,m>* #i1 #bjbj,mr4     
,inh(e 7= himself1 ,ms4 ,smi?1 ,mr4     
,cram]1 ,mr4 ,hoev51 ,ms4 ,ern/1 ,mr4   
,da9es1 ,mr4 ,te/]1 ,mrs4 ,hyde-,smi?1 &
 ,mr4 ,grassley7 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 ( #bjbj or ! ,,sale ,act
 ( #bjbj4  #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>agraph 7#b71
 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$ #ajj1jjj4  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$4  7c7 ,pres]vation ( tru/ ,an  
unpaid ca% sell] %all lose ! b5efit ( a 
tru/ "u subsection 7b7 if ! unpaid ca%  
sell] has n pres]v$ ! 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$4  7d7 ,notice to
 li5 hold]s ,n lat] ?an #ae bus9ess days
 aft] ! date on :i* a deal] receives    
notice "u subsection 7c77#a7 ) respect  
to a tru/1 ! deal] %all give notice ( ! 
int5t ( ! unpaid ca% sell] to pres]ve ! 
b5efits ( ! tru/ to all p]sons :o h     
record$ a security int]e/ 91 or li5 on1 
! live/ock held 9 t tru/4  7e7 ,pur*ase 
( live/ock subject to tru/  7#a7 ,9     
g5]al ,a buy] 9 ! ord9>y c\rse t        
pur*ases live/ock t is held 9 tru/ by a 
deal] "u subsection 7b7 %all receive    
good title to ! live/ock free ( ! deal] 
tru/ if ! buy] 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 ,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$4  7f7 ,transf] ( live/ock      
subject to tru/ ,a transf] ( live/ock t 
is held 9 tru/ by a deal] "u subsection 
7b7 %all n be consid]$ to be = new value
 "u subsection 7e77#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  7g7 ,en=cem5t 
7#a7 ,9 g5]al ,! ,secret>y %all c>ry out
 at lea/ "o ( ! en=cem5t activities     
describ$ 9 p>agraph 7#b7 if ! ,secret>y 
has reason to believe t-- 7,a7 a deal]  
has fail$ to p]=m ! duties requir$ by   
subsection 7b7 ) respect to a tru/ "u t 
subsection2 or  7,b7 c>ry+ out an       
en=cem5t activity is 9 ! be/ int]e/ ( an
 unpaid ca% sell]4  7#b7 ,en=cem5t      
activities ,! en=cem5t activities ref]r$
 to 9 p>agraph 7#a7 are ! foll[+3 7,a7  
,appo9t+ an indep5d5t tru/ee to c>ry out
 ! duties ( ! tru/ee 9 accordance ) ?is 
section1 pres]ve tru/ assets1 & en=ce a 
tru/4  7,b7 ,s]v+ z an indep5d5t tru/ee1

 pres]v+ tru/ assets1 & en=c+ a tru/4   
7,c7 ,br++ a civil action 9 ! di/rict   
c\rt ( ! ,unit$ ,/ates = ! judicial     
di/rict 9 :i* ! deal] resides-- 7i7 to  
enjo9 a deal] f p]=m+ ! duties requir$  
by subsection 7b72 &  7ii7 to pres]ve   
tru/ assets & en=ce a tru/4  7#c7       
,effect on unpaid sell]s ,no?+ 9 ?is    
subsection precludes an unpaid ca% sell]
 f br++ a civil action 9 a c\rt (       
compet5t jurisdiction to pres]ve or     
en=ce a tru/ "u subsection 7b74  4