Market Guide to Custodial Accounts

Who must establish and maintain custodial accounts?

As a market agency selling on commission (market) subject to the Packers and Stockyards Act, 1921, (the P&S Act) you must establish and maintain a custodial account.

What is a custodial account?

A custodial account is a trust account. All payments for livestock by buyers and other funds deposited into the custodial account are trust funds (not owned by you). You have a fiduciary responsibility to protect and preserve the funds entrusted to you for livestock consignors.

Meetings: Grain Inspection Advisory Committee

Docket Number: AMS-FGIS-20-0022
Dates of Meeting: Postponed

Summary

On March 17, 2020, The Agricultural Marketing Service (AMS) published a notice that announced the next meeting for the Grain Inspection Advisory Committee, which was scheduled for April 1, 2020, 8:30 a.m. to 5:00 p.m. & April 2, 2020, 8:30 a.m. to 5:00 p.m. AMS is publishing this notice to announce that this federal advisory committee meeting has been postponed and will be re-scheduled at a later date.

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