I was ignorant in the past and thought that selling thru an agent gave me some protection of non payment. The Eastern debacle proved the error in that thought pattern.
I am wondering what to do this year when I sell cattle to protect myself better.
On top of not having adequate bonds EVERYWHERE there is a new issue I found out today-- If you agree to wait for your money (even a day) you are considered as agreeing to give them a loan and its not considered stealing the cattle just not being repaid on an unsecured loan. Can't threaten them with legal recourse as easy as you could for stealing and legally you can't just go get the cattle back.
I was told that if I demanded payment be put in an escrow account ,that I could get as soon as the cattle were loaded, that I would have no buyers as they weren't set up to deal that way.
I wonder if there is somewhere I could buy insurance to cover non payment?
Or am I missing another option?
Its important to me, as not getting paid for a load of cattle would bankrupt me. I wouldn't make it thru fighting to get my money.
I am wondering what to do this year when I sell cattle to protect myself better.
On top of not having adequate bonds EVERYWHERE there is a new issue I found out today-- If you agree to wait for your money (even a day) you are considered as agreeing to give them a loan and its not considered stealing the cattle just not being repaid on an unsecured loan. Can't threaten them with legal recourse as easy as you could for stealing and legally you can't just go get the cattle back.
I was told that if I demanded payment be put in an escrow account ,that I could get as soon as the cattle were loaded, that I would have no buyers as they weren't set up to deal that way.
I wonder if there is somewhere I could buy insurance to cover non payment?
Or am I missing another option?
Its important to me, as not getting paid for a load of cattle would bankrupt me. I wouldn't make it thru fighting to get my money.
