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Russell Nemetz LMA Discusses Need for Dealer Statutory Trust During D.C. Fly In
by Russell Nemetz, click here for bio

Program: Land & Livestock Report
Date: October 06, 2017

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Hi everybody it’s time for your Lane and Livestock Report here on the Ag Information Network of the West-I’m Russell Nemetz.

Livestock Marketing Association (LMA) members and staff traveled to Washington D.C. for the 12th annual LMA D.C. Fly In. Approximately 45 people met with leaders in D.C. on issues that matter to the livestock marketing industry. Discussion centered on the need to create a Dealer Statutory Trust to protect livestock auction markets and producers against buyer payment default.

During meetings with legislators and legislative staff, LMA members detailed why a Dealer Statutory Trust is necessary for marketing businesses and livestock producers. Current law results in livestock sellers, both producers and markets, going unpaid with little recourse when there is a livestock dealer default. Payment protection options in the Packers and Stockyard Act do not provide sufficient protection. According to Grain Inspection Packers and Stockyards Administration (GIPSA) data, from 1999-2013, the average return on a livestock dealer bond claim was 15 cents per dollar. This does not include the Eastern Livestock bankruptcy, where the return was less than 5 cents per dollar.

That’s your Land and Livestock Report-I’m Russell Nemetz.

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