McAfee & Taft AgLINC: The Oklahoma Livestock Owner’s Lien Act By Jeff Todd


Prior to November 2010, Eastern Livestock Company, LLC (“Eastern”) was one of the largest cattle brokerage companies in the United States. Eastern bought and resold cattle throughout the country under a variety of contractual arrangements. In many cases, Eastern would buy and then immediately ship and resell the cattle. In November 2010, the speed of such cattle transactions proved disastrous to hundreds of cattle producers when Eastern’s primary lender froze Eastern’s accounts, causing millions in checks paid for cattle purchases to bounce.

Eastern was eventually put into bankruptcy which is currently pending in the United States Bankruptcy Court for the Southern District of Indiana (Case 10-93904-BHL-11). Numerous Oklahoma cattlemen were negatively affected by the Eastern debacle. While it could not fix the problem caused by Eastern in 2010, the 2011 Oklahoma Legislature took prompt steps to protect Oklahomans from being put in a similar position in the future. Senate Bill 530, known as the Oklahoma Livestock Owner’s Lien Act of 2011 (the “Act”), quickly moved through the legislature and was signed into law on April 26, 2011. The Act will become effective on November 1, 2011....

Article Authored By McAfee & Taft Attorney: Jeff Todd.

Please see full article below for more information.

LOADING PDF: If there are any problems, click here to download the file.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© McAfee & Taft | Attorney Advertising

Written by:


McAfee & Taft on:

Readers' Choice 2017
Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:

Sign up to create your digest using LinkedIn*

*By using the service, you signify your acceptance of JD Supra's Privacy Policy.

Already signed up? Log in here

*With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name. Or, sign up using your email address.