Business / Agriculture / Dealer Trust: The Packers and Stockyards Act includes provisions aimed at protecting the financial interests of livestock and poultry producers. Under the act, the inventories and accounts receivable of a packer or live poultry dealer - but not livestock (e.g., cattle, pigs, sheep) dealers such as auction houses - must be held in trust for unpaid cash sellers when the packer or poultry dealer fails to pay due to bankruptcy or other financial difficulty. In such situations, the seller is to be paid with these assets before other creditors. USDA for several years has been seeking an amendment to the act extending this protection to those who sell to livestock dealers, which, the Department says, have caused a significant amount of unrecoverable losses for livestock producers.
Dealer Noun Synonyms: trader, businessman, businesswoman, merchant, tradesman, retailer, shopkeeper, vendor, merchandiser, wholesaler, jobber, distributor, stockist, supplier, broker, agent, salesman, storekeeper
Trust Noun Synonyms: confidence, reliance, faith, conviction, certitude, certainty, sureness, positiveness, assurance, belief
Business / Finance / Revisionary Trust: An irrevocable trust that becomes a revocable trust after a certain amount of time. MORE
Business / Finance / Resolution Trust Corporation (RTC): A government agency established in 1989 and disbanded in 1996 that administered federal savings and loan institutions that were insolvent between 1989 and August 1992 by either bailing them out or mer MORE