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7 U.S.C. § 196 — Statutory trust established; livestock

Federal law — U.S. Code and appendices · legal_authorities

7 U.S.C. § 196 — Statutory trust established; livestock

**(a) Protection of public interest from inadequate financing arrangements** It is hereby found that a burden on and obstruction to commerce in livestock is caused by financing arrangements under which packers encumber, give lenders security interest in, or place liens on, livestock purchased by packers in cash sales, or on inventories of or receivables or proceeds from meat, meat food products, or livestock products therefrom, when payment is not made for the livestock and that such arrangements are contrary to the public interest. This section is intended to remedy such burden on and obstruction to commerce in livestock and protect the public interest. **(b) Livestock, inventories, receivables and proceeds held by packer in trust for benefit of unpaid cash sellers; time limitations; exempt packers; effect of dishonored instruments; preservation of trust benefits by seller** All livestock purchased by a packer in cash sales, and all inventories of, or receivables or proceeds from meat, meat food products, or livestock products derived therefrom, shall be held by such packer in trust for the benefit of all unpaid cash sellers of such livestock until full payment has been received by such unpaid sellers: Provided, That any packer whose average annual purchases do not exceed $500,000 will be exempt from the provisions of this section. Payment shall not be considered to have been made if the seller receives a payment instrument which is dishonored: Provided, That the unpaid seller shall lose the benefit of such trust if, in the event that a payment instrument has not been received, within thirty days of the final date for making a payment under [section 228b of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section228b&num=0&edition=prelim

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Source location: Title 7, Chapter 9, § 196; chapter-009-packers-and-stockyards.md

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Federal law — U.S. Code and appendices · legal_authorities

7 U.S.C. § 228b — Prompt payment for purchase of livestock

**(a) Full amount of purchase price required; methods of payment** Each packer, market agency, or dealer purchasing livestock shall, before the close of the next business day following the purchase of livestock and transfer of possession thereof, deliver to the seller or his duly authorized representative the full amount of the purchase price: Provided, That each packer, market agency, or dealer purchasing livestock for slaughter shall, before the close of the next business day following purchase of livestock and transfer of possession thereof, actually deliver at the point of transfer of possession to the seller or his duly authorized representative a check or shall transfer funds for the full amount of the purchase price to the account of the seller by wire, electronic funds transfer, or any other expeditious method determined appropriate by the Secretary for the full amount of the purchase price; or, in the case of a purchase on a carcass or “grade and yield” basis, the purchaser shall make payment by check at the point of transfer of possession or shall transfer funds for the full amount of the purchase price to the account of the seller by wire, electronic funds transfer, or any other expeditious method determined appropriate by the Secretary for the full amount of the purchase price not later than the close of the first business day following determination of the purchase price: Provided further, That if the seller or his duly authorized representative is not present to receive payment at the point of transfer of possession, as herein provided, the packer, market agency or dealer shall transfer funds for the full amount of the purchase price by wire, electronic funds transfer, or any other expeditious method determined appropriate by the Secretary or place a check

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Federal law — U.S. Code and appendices · legal_authorities

11 U.S.C. § 541 — Property of the estate

**(a)** The commencement of a case under section 301, 302, or 303 of this title creates an estate. Such estate is comprised of all the following property, wherever located and by whomever held: (1) Except as provided in subsections (b) and (c)(2) of this section, all legal or equitable interests of the debtor in property as of the commencement of the case. (2) All interests of the debtor and the debtor’s spouse in community property as of the commencement of the case that is— (A) under the sole, equal, or joint management and control of the debtor; or (B) liable for an allowable claim against the debtor, or for both an allowable claim against the debtor and an allowable claim against the debtor’s spouse, to the extent that such interest is so liable. (3) Any interest in property that the trustee recovers under section 329(b), 363(n), 543, 550, 553, or 723 of this title. (4) Any interest in property preserved for the benefit of or ordered transferred to the estate under section 510(c) or 551 of this title. (5) Any interest in property that would have been property of the estate if such interest had been an interest of the debtor on the date of the filing of the petition, and that the debtor acquires or becomes entitled to acquire within 180 days after such date— (A) by bequest, devise, or inheritance; (B) as a result of a property settlement agreement with the debtor’s spouse, or of an interlocutory or final divorce decree; or (C) as a beneficiary of a life insurance policy or of a death benefit plan. (6) Proceeds, product, offspring, rents, or profits of or from property of the estate, except such as are earnings from services performed by an individual debtor after the commencement of the case. (7) Any interest in property that the estate acquires

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Federal law — U.S. Code and appendices · legal_authorities

7 U.S.C. § 196 — Statutory trust established; livestock

Page 335 TITLE 7—AGRICULTURE § 197 AMENDMENTS 2002—Subsecs. (a), (c), (g). Pub. L. 107–171 substituted ‘‘packer or swine contractor’’ for ‘‘packer’’ wherever appearing. 1984—Subsec. (d). Pub. L. 98–620 struck out provisions requiring proceedings in such cases in the court of ap- peals to be made a preferred cause and expedited in every way. 1958—Subsec. (b). Pub. L. 85–791 § 6(b), substituted ‘‘thereupon file in the court’’ for ‘‘forthwith prepare, certify, and file in the court a full and accurate tran- script of’’, and ‘‘as provided in section 2112 of Title 28’’ for ‘‘including the complaint, the evidence, and the re- port and order’’ in first sentence, and ‘‘record’’ for ‘‘transcript’’ in second sentence. Subsec. (c). Pub. L. 85–791, § 6(b), substituted ‘‘peti- tion’’ for ‘‘transcript’’. Subsec. (d). Pub. L. 85–791, § 6(b), struck out ‘‘duly certified’’ after ‘‘admitted’’. Subsec. (h). Pub. L. 85–791, § 6(c), substituted ‘‘juris- diction, which upon the finding of the record with it shall be exclusive,’’ for ‘‘exclusive jurisdiction,’’ and section ‘‘1254’’ for ‘‘347’’. Statutory Notes and Related Subsidiaries CHANGE OF NAME Act June 25, 1948, eff. Sept. 1, 1948, as amended May 24, 1949, substituted ‘‘court of appeals’’ for ‘‘circuit court of appeals’’, wherever appearing. Act of June 7, 1934, provided that Court of Appeals in District of Columbia, should hereafter be known as the United States Court of Appeals for the District of Co- lumbia. EFFECTIVE DATE OF 1984 AMENDMENT Amendment by Pub. L. 98–620 not applicable to cases pending on Nov. 8, 1984, see section 403 of Pub. L. 98–620, set out as an Effective Date note under section 1657 of Title 28, Judiciary and Judicial Procedure. § 195. Punishment for violation of order Any packer or

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