I 
115TH CONGRESS 
1ST SESSION H. R. 4058 
To amend the Packers and Stockyards Act, 1921, to provide for the establish-
ment of a trust for the benefit of all unpaid cash sellers of livestock, 
and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
OCTOBER 12, 2017 
Mr. MARSHALL (for himself, Mr. ROUZER, Mr. COMER, Mr. YOUNG of Iowa, 
Mrs. HARTZLER, Mr. SMITH of Missouri, Mr. KING of Iowa, Mr. THOMP-
SON of Pennsylvania, Mr. YOHO, Mr. COSTA, Mrs. BUSTOS, Ms. SEWELL 
of Alabama, Mr. SOTO, Mr. ARRINGTON, and Mr. LUCAS) introduced the 
following bill; which was referred to the Committee on Agriculture 
A BILL 
To amend the Packers and Stockyards Act, 1921, to provide 
for the establishment of a trust for the benefit of all 
unpaid cash sellers of livestock, and for other purposes. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Securing All Livestock 
Equitably Act of 2017’’ or the ‘‘SALE Act of 2017’’. 
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SEC. 2. ESTABLISHMENT OF TRUST FOR BENEFIT OF UN-
PAID CASH SELLERS OF LIVESTOCK. 
The Packers and Stockyards Act, 1921, is amended 
by inserting after section 317 (7 U.S.C. 217a) the fol-
lowing new section: 
‘‘SEC. 318. STATUTORY TRUST ESTABLISHED; DEALER. 
‘‘(a) ESTABLISHMENT.— 
‘‘(1) IN GENERAL.—All livestock purchased by 
a dealer in cash sales and all inventories of, or re-
ceivables or proceeds from, such livestock shall be 
held by the dealer in trust for the benefit of all un-
paid cash sellers of such livestock until full payment 
has been received by such unpaid cash sellers. 
‘‘(2) EXEMPTION.—Any dealer whose average 
annual purchases of livestock do not exceed 
$500,000 shall be exempt from the provisions of this 
section. 
‘‘(3) 
EFFECT
OF
DISHONORED
INSTRU-
MENTS.—For purposes of determining full payment 
under paragraph (1), a payment to an unpaid cash 
seller shall not be considered to have been made if 
the unpaid cash seller receives a payment instrument 
which is dishonored. 
‘‘(b) ENFORCEMENT.—If a dealer fails to perform the 
duties required by subsection (a), the Secretary shall take 
such action as is necessary to enforce the trust. 
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‘‘(c) PRESERVATION OF TRUST.—An unpaid cash 
seller shall lose the benefit of a trust under subsection (a) 
if the unpaid cash seller has not preserved the trust by 
giving written notice to the dealer involved and filing such 
notice with the Secretary— 
‘‘(1) within 30 days of the final date for mak-
ing a payment under section 409 in the event that 
a payment instrument has not been received; or 
‘‘(2) within 15 business days after the date on 
which the seller receives notice that the payment in-
strument promptly presented for payment has been 
dishonored. 
‘‘(d) NOTICE TO LIEN HOLDERS.—When a dealer re-
ceives notice under subsection (c) with respect to a trust, 
the dealer shall, within 15 business days, give notice to 
all persons who have recorded a security interest in, or 
lien on, the livestock held in such trust. 
‘‘(e) CASH SALES DESCRIBED.—For the purpose of 
this section, a cash sale means a sale in which the seller 
does not expressly extend credit to the buyer.’’. 
Æ 
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