Instructions to Complete 

Trust Agreement Form 

Form P&SP-2300 

In these instructions, you refers to a packer, market agency or dealer (referred to as the Principal). 

When you provide one or more irrevocable, transferable, standby letter(s) of credit, issued by a Federally-insured 

bank or institution to meet the bonding requirements of the Packers and Stockyards Program, use form P&SP-2300 

for the trust agreement (TA), governing said funds. A trust agreement, along with the standby letter(s) of credit, 

must be executed to cover your operation with the Packers and Stockyards Program. 

A trust agreement requires complete and correct information to be submitted to the Packers and Stockyards Program 

on Form P&SP-2300. If any information is missing or incorrect, the Packers and Stockyards Program will return the 

trust agreement form to the principal for completion or correction. 

Operating without proper registration and bond may subject the principal to severe penalties under law, including a 

fine of not more than $11,000.00 for each violation. 

Submit two copies of the completed form P&SP-2300, along with a fully executed letter of credit, with original 

signatures, to the Regional Office of the Packers and Stockyards Program as listed below. The states, provinces, and 

territories covered by each regional office are listed below its address. 

Regional Offices of the Packers and Stockyards Program 

Grain Inspection, Packers and Stockyards Administration 

Atlanta Regional Office 

75 Spring Street , SW, Suite 230 

Atlanta, GA 30303-3308 

Telephone: (404) 562-5840 

FAX: (404) 562-5848 

E-mail: PSPAtlantaGA.GIPSA@usda.gov 

Denver Regional Office 

3950 Lewiston St., Suite 200 

Aurora, CO 80011-1556 

Telephone: (303) 375-4240 

FAX: (303) 371-4609 

E-mail: PSPDenverCO.GIPSA@usda.gov 

Des Moines Regional Office 

210 Walnut Street, Room 317 

Des Moines, IA 50309-2110 

Telephone: (515) 323-2579 

FAX: (515) 323-2590 

E-mail: PSPDesMoinesIA.GIPSA@usda.gov 

States Covered States Covered States Covered 

AL, AR, CT, DC, DE, FL, GA, LA, 

MA, MD, ME, MS, NC, NL, NH, 

NJ, NY, PA, PR, QC, RI, SC, TN, 

VA, VT, WV 

AB, AK, AZ, BC, CA, CO, HI, ID, 

KS, MT, NM, NV, OK, OR, SK, 

TX, UT, WA, WY 

IA, IL, IN, KY, MB, MI, MN, MO, 

ND, NE, OH, ON, SD, WI 

If you have any questions about the form or completing the form, please contact the appropriate regional office of 

the Packers and Stockyards Program listed above. 

The Regional Office of the Packers and Stockyards Program will assign the trust agreement number in Item 1. 

The financial institution providing the Irrevocable, Transferable, Standby Letter of Credit may complete lines 1 

through 5, and, if named as trustee on the trust agreement, sign line 6(a). In some instances, the Principal may 

complete lines 1 through 5 of the form. 

If the financial institution writing the letter of credit is not named as Trustee, the Trustee named on the agreement 

must sign line 6(a). 

The Principal must sign line 6(b). 

P&SP-2300-i Expires 11-30-2017 Page 1 of 3 
 

 

 

 

Line 

No. 

Subject Instruction 

1 Principal Name Enter the full name of the principal. The principal’s name must match the name 

under which the principal is registered with the Packers and Stockyards 

Program. (Contact the Regional Office that covers your state as listed above, if 

you need this information.) 

Examples how John Doe might be registered include: 

 John Doe 

 John Doe Livestock, Inc. 

 John Doe Livestock Co., L.L.C. 

 John Doe d.b.a. John Doe Livestock Company. 

 John Doe and Sam Doe d.b.a. Doe Livestock, or 

 John Doe and Sam Doe. 

2 Trustee Name Enter the full name of the trustee named to the trust agreement. A trustee must 

always be named for the trust agreement, and must be a financially responsible, 

disinterested person. If the bank issuing the collateral will not act as the trustee, 

the principal is responsible for finding a disinterested third party to act as 

trustee. The trustee cannot be anyone that is directly involved with the business 

of the principal. 

Some States require that a State agency or official be named as trustee. 

See separate Trustee Contact Information Package for descriptions of suitable 

trustees and for information about State required trustees (available on the 

GIPSA web site along with the forms and instructions).. 

3 Conditions Line 3 defines the conditions that are applicable for livestock operations. If 

condition 3 applies, enter the registrant(s) name(s) to be listed as clearee(s) 

under this trust agreement in the space available in the definition for condition 

3. 

The firm shall check the appropriate box to indicate the correct condition clause 

as applies to its operation. 

Examples of each of the conditions are: 

Condition 1 - The principal sells livestock for the account of others. 

Condition 2 - The principal buys livestock for his/her own account or for the 

accounts of others. 

Condition 3 - The principal is providing bond coverage for other registrant(s), 

as clearee(s), and therefore is responsible for the obligations of the clearee(s). 

Condition 4 - The principal is purchasing livestock for purposes of slaughter, 

for his/her own account as a packer. 

The only instance a trust agreement will be accepted with multiple 

condition clauses selected are when the firm operates as both a 

dealer/order buyer and clearing agent, thereby providing a Clause 2/3 

bond. 

P&SP-2300-i Expires 11-30-2017 Page 2 of 3 
4 Effective Date of Trust 

Agreement 

Enter the effective date of the trust agreement. This may be the date the 

principal obtains the initial irrevocable, transferable, standby letter of credit. 

5 

a & b 

Signatures a. TRUSTEE’S SIGNATURE: The trustee must sign the form and enter 

his/her name, title, address, and telephone number. 

b. PRINCIPAL’S SIGNATURE: The principal, or someone authorized to sign 

for the principal (i.e. partner, owner, or officer), must sign the form, where 

indicated. The person who signs must enter his/her name, title (if any), address, 

and telephone number. 

 If an individual operation, the principal must sign the trust agreement. 

 If a partnership operation, one of the partners must sign the trust 

agreement. 

 If a corporation, limited liability corporation, limited liability 

partnership, or association, an owner, officer, member, or duly 

authorized agent of the firm must sign the trust agreement. 

P&SP-2300-i Expires 11-30-2017 Page 3 of 3