§ 228b. Prompt payment for purchase of livestock
644 words·~3 min read·
/usc/title-7/section-228bA research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(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 in the United States mail for the full amount of the purchase price, properly addressed to the seller, within the time limits specified in this subsection, such action being deemed compliance with the requirement for prompt payment.
(b)Waiver of prompt payment by written agreement; disclosure requirements Notwithstanding the provisions of subsection
(a)of this section and subject to such terms and conditions as the Secretary may prescribe, the parties to the purchase and sale of livestock may expressly agree in writing, before such purchase or sale, to effect payment in a manner other than that required in subsection (a). Any such agreement shall be disclosed in the records of any market agency or dealer selling the livestock, and in the purchaser’s records and on the accounts or other documents issued by the purchaser relating to the transaction.
(c)Delay in payment or attempt to delay deemed unfair practice Any delay or attempt to delay by a market agency, dealer, or packer purchasing livestock, the collection of funds as herein provided, or otherwise for the purpose of or resulting in extending the normal period of payment for such livestock shall be considered an “unfair practice” in violation of this chapter. Nothing in this section shall be deemed to limit the meaning of the term “unfair practice” as used in this chapter.
(Aug. 15, 1921, ch. 64, title IV, § 409, as added Pub. L. 94–410, § 7, Sept. 13, 1976, 90 Stat. 1250; amended Pub. L. 114–237, § 3, Oct. 7, 2016, 130 Stat. 970.)
Connections20 cite this · traces to 1
Cited by 20 sections
U.S. Code
statutes-at-large
- Public Law 94–410To amend the Packers and Stockyards Act of 1921, as amended, and for other purposes
- Public Law 114–237To amend the Packers and Stockyards Act, 1921, to clarify the duties relating to services furnished in connection with the buying or selling of livestock in commerce through online, video, or other electronic methods, and for other purposes
public-private-law
register
statute-compilations
Traces to 1 document
4 references not yet in our index
- Aug. 15, 1921, ch. 64
- Pub. L. 94–410, § 7
- 90 Stat. 1250
- 130 Stat. 970
Citation graph
cites case law
§ 228b
Prompt payment for purchase of livestock
Bills×6
U.S.C.×5
Fed. Reg.×4
Stat. Comp.×2
Stat.×2
Pub. L.×1
ActAug. 15, 1921, ch. 64
Pub. L.Pub. L. 94–410, § 7
Stat.90 Stat. 1250
Stat.130 Stat. 970
Cites 5Cited by 20 across 6 sources