A bankruptcy trustee finds himself trying to navigate the Dealer Trust Act, a 2-year-old law that only recently has published regulations and has no cited case law or precedent on how to handle it. USDA has asserted the cases involving a bankrupt cattle operation in Kentucky and Texas are the first time the Dealer Trust Act has been used.
Rabo Agrifinance is accusing the business surrounding a Kentucky cattle producer who died in April and his two Texas feedyards of engaging in a fraud that drained its bank accounts and cleared out tens of thousands of cattle from the feedyards, leaving Rabo with roughly $50.6 million in unpaid loans. The operation s collapse may have affected dozens of other cattle producers as well.
Rabo Agrifinance is accusing the business surrounding a Kentucky cattle producer who died in April and his two Texas feedyards of engaging in a fraud that drained its bank accounts and cleared out tens of thousands of cattle from the feedyards, leaving Rabo with roughly $50.6 million in unpaid loans. The operation s collapse may have affected dozens of other cattle producers as well.