Bond Information for Those Who Sold to Eastern Livestock

November 10, 2010 02:30 PM
 

The U.S. Department of Agriculture's Grain, Inspection, Packers and Stockyards Administration (GIPSA) is informing cattle producers who have done business with Eastern Livestock Company, LLC, (Eastern) of their rights under the bond provisions of the Packers and Stockyards (P&S) Act.

Eastern began issuing unfunded checks to producers for livestock purchased by Eastern in different markets on or around November 3, 2010. Eastern is headquartered in New Albany, Indiana, with operations in 11 states across the Mid-South, Midwest, and West. Eastern is registered with GIPSA as a market agency that buys and sells on a dealer basis, and as a clearing service.

Producers who have not received payment due from Eastern are encouraged to contact the GIPSA Midwestern Regional Office, Des Moines, Iowa, at telephone 515-323-2579 for complete information on available financial protections, and for forms necessary for filing a bond claim on payments due from Eastern.

Bond claims must be filed within 60 days from the date of the transaction on which the claim is based.

The Packers and Stockyards Act is a fair trade practice and payment protection law that promotes fair and competitive marketing environments for the livestock, meat, and poultry industries.  

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