SALE Act


During an IBAT Legislative Committee meeting last week in Austin, members voted to approve a proactive agenda for the 86th Texas Legislative Session (details will be forthcoming) and voted unanimously to oppose H.R. 4058, the Securing All Livestock Equitably (SALE) Act of 2017. This bill creates a dealer statutory trust when cattle are sold and potentially impedes the lien position on those cattle held by a bank lender. Members of the committee who are active in cattle financing expressed concerns this would significantly impact the granting of credit, and was not in the best interests of either the lender or the borrower.