Mississippi Farm Bureau Federation President Mike McCormick recently sent a letter to the United States Department of Agriculture’s Chief Legal Officer/Policy Advisor for the Packers and Stockyards Division, Fair Trade Practices Program, Agricultural Marketing Service, S. Brett Offutt, in support of developing a Livestock Dealer Statutory Trust Study.
“We firmly believe the current law regarding buyer default should be enhanced to better protect sellers of livestock,” McCormick wrote. “Current law prioritizes the lender when a dealer defaults, leaving the seller of the livestock unpaid, with little recourse even with current bonding requirements. A Dealer Statutory Trust could serve as an effective tool to improve the recovery of the sellers’ interest in the case of a livestock dealer payment default.”
McCormick’s letter encourage USDA to prioritize the feasibility study on the creation of a Livestock Dealer Statutory Trust.
To read the entire letter, click here.